By Andrea Heisinger
New York, Aug. 26 - McCormick & Co., Inc. priced $250 million of 5.25% five-year senior unsecured notes Tuesday to yield Treasuries plus 223 basis points, an informed source said.
The notes (A2/A-/) priced at 99.814 to yield 5.293%. They have a make-whole redemption option of Treasuries plus 35 bps.
The issue priced at the tight end of talk, which was in the 225 bps area.
The notes feature a change-of-control put of 101%.
Bookrunners were Banc of America Securities LLC and BNP Paribas Securities.
Co-managers were SunTrust Robinson Humphrey and Wachovia Capital Markets.
Proceeds will be used to repay a portion of outstanding commercial paper borrowings.
The spice company is based in Sparks, Md.
| Issuer: | McCormick & Co., Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $250 million
|
| Maturity: | Sept. 1, 2013
|
| Bookrunners: | Banc of America Securities LLC, BNP Paribas Securities
|
| Co-managers: | SunTrust Robinson Humphrey, Wachovia Capital Markets
|
| Coupon: | 5.25%
|
| Price: | 99.814
|
| Yield: | 5.293%
|
| Spread: | Treasuries plus 223 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Aug. 26
|
| Settlement date: | Sept. 3
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Price talk: | 225 bps area
|
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