By Christine Van Dusen and Toni Weeks
Atlanta, Sept. 10 – Mexico’s Mexichem SAB de CV sold $750 million of 5 7/8% 30-year notes (Baa3/BBB-/BBB) at 99.15 to yield 5.9% on Tuesday, a market source said.
The notes priced at a spread of 270 basis points over Treasuries.
BBVA, JPMorgan, Morgan Stanley and Santander were the bookrunners for the Rule 144A and Regulation S deal.
The offering was several times oversubscribed, with more than 150 participating investors, according to a press release.
Proceeds will be used for refinancing of short-term debt, the funding of recent acquisitions and general corporate purposes.
Mexichem is a chemical company based in Tlalnepantla, Mexico.
| Issuer: | Mexichem SAB de CV
|
| Amount: | $750 million
|
| Maturity: | Sept. 17, 2044
|
| Description: | Notes
|
| Bookrunners: | BBVA, JPMorgan, Morgan Stanley, Santander
|
| Coupon: | 5 7/8%
|
| Price: | 99.15
|
| Spread: | 270 bps over Treasuries
|
| Yield: | 5.9%
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 17
|
| Distribution: | Rule 144A and Regulation S
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB-
|
| Fitch: BBB
|
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