New Issue: Japan's ORIX sells $500 million 3.75% five-year notes at Treasuries plus 295 bps

By Andrea Heisinger

New York, March 6 - ORIX Corp. sold $500 million of 3.75% five-year senior notes on Tuesday at a spread of Treasuries plus 295 basis points, a market source said.

The paper was sold tighter than guidance, which was in the 312.5 bps area, the source said.

The notes (A3/A-/) were priced at 99.914 to yield 3.769%.

There is no call option.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC were the bookrunners.

Co-managers were ANZ Securities, Inc., Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., Nomura Securities International, Inc., Scotia Capital (USA) Inc., UBS Securities LLC, Daiwa Capital Markets America Inc., Mizuho Securities USA Inc., Standard Chartered Bank, Houlihan Lokey Capital, Inc., ING Bank NV, Singapore Branch, Mitsubishi UFJ Securities (USA), Inc., RBS Securities Inc. and SMBC Nikko Capital Markets Ltd.

Proceeds will be used for general corporate purposes.

ORIX was last in the market with a reopening of 5% notes due 2016 to add $400 million on April 20, 2011. Those notes sold at 240 bps over Treasuries.

The financial services company is based in Tokyo.

Issuer:	ORIX Corp.
Issue:	Senior notes
Amount:	$500 million
Maturity:	March 9, 2017
Bookrunners:	Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC
Co-managers:	ANZ Securities, Inc., Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., Nomura Securities International, Inc., Scotia Capital (USA) Inc., UBS Securities LLC, Daiwa Capital Markets America Inc., Mizuho Securities USA Inc., Standard Chartered Bank, Houlihan Lokey Capital, Inc., ING Bank NV, Singapore Branch, Mitsubishi UFJ Securities (USA), Inc., RBS Securities Inc., SMBC Nikko Capital Markets Ltd.
Coupon:	3.75%
Price:	99.914
Yield:	3.769%
Spread:	Treasuries plus 295 bps
Call:	Non-callable
Trade date:	March 6
Settlement date:	March 9
Ratings:	Moody's: A3
	Standard & Poor's: A-
Price talk:	312.5 bps

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