New Issue: ORIX sells $500 million 2.25% 10-year notes at 88 bps over Treasuries

By Marisa Wong and Cristal Cody

Los Angeles, March 3 – ORIX Corp. priced $500 million of 2.25% 10-year senior fixed-rate notes (expected: A3/A-/A-) on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.609 to yield 2.294%, or a spread of 88 basis points over Treasuries.

The notes priced tighter than guidance in the Treasuries plus 90 bps area, plus or minus 2 bps, and initial price talk in the Treasuries plus 110 bps to 115 bps area.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.

Proceeds will be used for general corporate purposes.

ORIX is a financial services company based in Tokyo.

Issuer:	ORIX Corp.
Amount:	$500 million
Description:	Senior notes
Maturity:	March 9, 2031
Bookrunners:	J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC
Co-managers:	Citigroup Global Markets Inc., Credit Agricole CIB, BNP Paribas, Daiwa Capital Markets America Inc., Mizuho Securities USA LLC, Nomura Securities International, Inc., SMBC Nikko Securities America, Inc., Australia and New Zealand Banking Group Ltd. and Deutsche Bank Securities Inc.
Coupon:	2.25%
Price:	99.609
Yield:	2.294%
Spread:	Treasuries plus 88 bps
Trade date:	March 2
Settlement date:	March 9
Expected ratings:	Moody’s: A3
	S&P: A-
	Fitch: A-
Distribution:	SEC registered
Price guidance:	Treasuries plus 90 bps area, plus or minus 2 bps; initial price talk in the Treasuries plus 110 bps to 115 bps area

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