By Aleesia Forni
Virginia Beach, Va., Aug. 14 - McCormick & Co., Inc. priced a $250 million offering of 3.5% notes (A2/A-/) due 2023 with a spread of Treasuries plus 90 basis points, according to a syndicate source and an FWP filing with the Securities and Exchange Commission.
The notes priced at the tight end of talk.
McCormick sold the notes at 99.138 to yield 3.603%.
BofA Merrill Lynch, SunTrust Robison Humphrey Inc., Wells Fargo Securities LLC and BNP Paribas Securities Corp. were the joint bookrunners.
J.P. Morgan Securities LLC and U.S. Bancorp are the co-managers.
The company plans to use proceeds from the offering to repay the $250 million outstanding of its 5.25% notes due September 2013.
McCormick is a spice company based in Sparks, Md.
| Issuer: | McCormick & Co. Inc.
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 1, 2023
|
| Joint bookrunners: | BofA Merrill Lynch, SunTrust Robison Humphrey Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp.
|
| Co-managers: | J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc.
|
| Coupon: | 3.5%
|
| Price: | 99.138
|
| Yield: | 3.603%
|
| Spread: | Treasuries plus 90 bps
|
| Trade date: | Aug. 14
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Price talk: | Treasuries plus 95 bps area, tightened from Treasuries plus 120 bps area
|
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