New Issue: ORIX sells $1 billion of senior debt securities due 2027, 2032

By Cristal Cody

Chicago, Sept. 7 – ORIX Corp. priced a $1 billion offering of senior debt securities (A3/A-/A-) spread over two equal-sized tranches in the Tuesday market, according to an FWP filing with the Securities and Exchange Commission.

The financial services company sold $500 million of 5% securities due 2027 at 99.821 to yield 5.041%. The spread priced as 160 basis points over Treasuries with initial price talk in the 185 bps area, according to information from a market source.

The second part of the offering priced as $500 million of 5.2% securities due 2032 at 99.707 to yield 5.238%. The spread priced at 190 bps over Treasuries against talk in the 215 bps area.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc. and Citigroup Global Markets Inc. are bookrunners on the SEC-registered deal.

Proceeds will be used for general corporate purposes.

ORIX is based in Tokyo.

Issuer:	ORIX Corp.
Amount:	$1 billion
Issue:	Senior debt securities
Bookrunners:	Morgan Stanley & Co. LLC (billing and delivery), Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc. and Citigroup Global Markets Inc.
Co-managers:	Australia and New Zealand Banking Group Ltd., BNP Paribas, Credit Agricole CIB, Daiwa Capital Markets America Inc., Deutsche Bank Securities Inc., Mizuho Securities USA LLC and Nomura Securities International, Inc.
Trustee:	Bank of New York Mellon
Counsel to issuer:	Davis Polk & Wardwell LLP and Mitsui Co.
Counsel to underwriters:	Simpson Thacher & Bartlett LLP
Trade date:	Sept. 6
Settlement date:	Sept. 13
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A-
Distribution:	SEC registered
2027 securities
Amount:	$500 million
Issue:	Senior debt securities
Maturity:	Sept. 13, 2027
Coupon:	5%
Price:	99.821
Yield:	5.041%
Spread:	Treasuries plus 160 bps
Price talk:	Treasuries plus 185 bps area
Cusip:	686330AQ4
2032 securities
Amount:	$500 million
Issue:	Senior debt securities
Maturity:	Sept. 13, 2032
Coupon:	5.2%
Price:	99.707
Yield:	5.238%
Spread:	Treasuries plus 190 bps
Price talk:	Treasuries plus 215 bps area
Cusip:	686330AR2

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