New Issue: Orix reopens 5% notes due 2016 to add $400 million

By Andrea Heisinger

New York, April 20 - Orix Corp. reopened its issue of 5% notes due 2016 on Wednesday to add $400 million, a market source said late in the day.

They were talked in the 240 basis points area and priced in line with that.

The notes (A3/A-) sold at 101.997 to yield 4.523% with a spread of Treasuries plus 240 bps.

They are non-callable.

Total issuance is $800 million including $400 million priced on Jan. 5 at 290 bps over Treasuries.

Merrill Lynch, Morgan Stanley & Co. Inc. and UBS Investment Bank were active bookrunners. Nomura Securities International Inc. and Citigroup Global Markets Inc. were passive bookrunners.

BNP Paribas Securities Corp., Daiwa Capital Markets America Inc. and Mizuho Securities USA Inc. were co-lead managers.

Co-managers were ANZ Securities, Inc., Credit Agricole Securities (USA) Inc., Scotia Capital (USA) Inc., Standard Chartered Bank, China International Capital Corp., Hong Kong Securities Ltd., Deutsche Bank Securities Inc., Goldman Sachs & Co., Houlihan Lokey Capital, Inc., ING Bank NV, Singapore Branch, Mitsubishi UFJ Securities (USA), Inc. and SMBC Nikko Capital Markets Ltd.

Proceeds are being used for general corporate purposes.

The financial services company is based in Tokyo.

Issuer:	Orix Corp.
Issue:	Notes, reopened
Amount:	$400 million
Maturity:	Jan. 12, 2016
Bookrunners:	Merrill Lynch, Morgan Stanley & Co. Inc., UBS Investment Bank (active), Nomura Securities International Inc., Citigroup Global Markets Inc. (passive)
Co-lead managers:	BNP Paribas Securities Corp., Daiwa Capital Markets America Inc., Mizuho Securities USA Inc.
Co-managers:	ANZ Securities, Inc., Credit Agricole Securities (USA) Inc., Scotia Capital (USA) Inc., Standard Chartered Bank, China International Capital Corp., Hong Kong Securities Ltd., Deutsche Bank Securities Inc., Goldman Sachs & Co., Houlihan Lokey Capital, Inc., ING Bank NV, Singapore Branch, Mitsubishi UFJ Securities (USA), Inc., SMBC Nikko Capital Markets Ltd.
Coupon:	5%
Price:	101.997
Yield:	4.523%
Spread:	Treasuries plus 240 bps
Call:	Non-callable
Trade date:	April 20
Settlement date:	April 26
Ratings:	Moody's: A3
	Standard & Poor's: A-
Total issuance:	$800 million including $400 million sold Jan. 5 at 290 bps
Price talk:	240 bps area

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