By Paul A. Harris
Portland, Ore., Jan. 20 – Nufarm Ltd. priced $350 million of eight-year senior notes (BB-/BB) at par to yield 5% on Thursday, according to market sources.
The yield printed in the middle of yield talk in the 5% area.
UBS Securities was the left bookrunner. BofA Securities, Credit Suisse, HSBC, MUFG, Natixis and Rabo are the joint bookrunners.
The notes were sold via Nufarm Australia Ltd. and Nufarm Americas Inc.
The Melbourne, Australia-based agricultural chemical company plans to use the proceeds plus cash on hand to redeem its outstanding $475 million of 5¾% senior notes due 2026.
| Issuers: | Nufarm Australia Ltd. and Nufarm Americas Inc.
|
| Amount: | $350 million
|
| Issue: | Senior notes
|
| Maturity: | Jan. 27, 2030
|
| Left bookrunner: | UBS Securities
|
| Joint bookrunners: | BofA Securities, Credit Suisse, HSBC, MUFG, Natixis and Rabo
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 322 bps
|
| First call: | Jan. 27, 2025 at 102.5
|
| Trade date: | Jan. 20
|
| Settlement date: | Jan. 27
|
| Ratings: | S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5% area
|
| Marketing: | Drive-by
|
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