By Andrea Heisinger
Omaha, Nov. 28 - Nucor Corp. priced an upsized $1.3 billion of notes (A1/A+) in three tranches Wednesday, market sources said.
The company originally planned to sell $750 million of notes, a source said.
A $300 million tranche of 5% five-year notes priced at 99.543 to yield 5.105%, or Treasuries plus 160 basis points. Price talk was 160 to 165 bps over Treasuries.
A $600 million tranche of 5.75% 10-year notes priced at 99.558 to yield 5.809%, or Treasuries plus 177 bps. Price talk was in the 180 bps area over Treasuries.
A $400 million tranche of 6.4% 30-year notes priced at 99.617 to yield 6.429%, or Treasuries plus 200 bps. Price talk was 200 to 205 bps.
Bookrunners were Banc of America Securities LLC, Citigroup and J.P. Morgan Securities Inc.
Proceeds will be used for general corporate purposes, including acquisitions, capital expenditures, working capital and the repurchase of common stock.
The steel producer is based in Charlotte, N.C.
| Issuer: | Nucor Corp.
|
| Issue: | Notes
|
| Amount: | $1.3 billion, upsized from $750 million
|
| Bookrunners: | Banc of America Securities LLC, Citigroup, J.P. Morgan Securities Inc.
|
| Trade date: | Nov. 28
|
| Settlement date: | Dec. 3
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
|
|
| Five-year tranche
|
| Amount: | $300 million
|
| Maturity: | Dec. 1, 2012
|
| Coupon: | 5%
|
| Price: | 99.543
|
| Yield: | 5.105%
|
| Spread: | Treasuries plus 160 bps
|
| Price talk: | 160 to 165 bps
|
|
|
| 10-year tranche
|
| Amount: | $600 million
|
| Maturity: | Dec. 1, 2017
|
| Coupon: | 5.75%
|
| Price: | 99.558
|
| Yield: | 5.809%
|
| Spread: | Treasuries plus 177 bps
|
| Price talk: | 180 bps area
|
|
|
| 30-year tranche
|
| Amount: | $400 million
|
| Maturity: | Dec. 1, 2037
|
| Coupon: | 6.4%
|
| Price: | 99.617
|
| Yield: | 6.429%
|
| Spread: | Treasuries plus 200 bps
|
| Price talk: | 200 to 205 bps
|
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