Published on 7/11/2017 in the Prospect News Investment Grade Daily.
New Issue: ORIX sells $1.25 billion of five-, 10-year notes via three bookrunners
By Devika Patel
Knoxville, Tenn., July 11 – ORIX Corp. priced a $1.25 billion offering of senior notes (A-/A-) in two tranches on Monday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $750 million of 2.9% five-year notes at Treasuries plus 100 basis points. The notes priced at 99.852 to yield 2.932%.
ORIX sold $500 million of 3.7% 10-year notes at a spread of 135 bps over Treasuries. These notes priced at 99.793 to yield 3.725%.
J.P. Morgan Securities LLC, Goldman Sachs & Co. and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
The financial services company is based in Tokyo.
| Issuer: | ORIX Corp.
|
| Amount: | $1.25 billion
|
| Description: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC (bill and deliver), Goldman Sachs & Co. and Morgan Stanley & Co. LLC
|
| Co-managers: | Australia and New Zealand Banking Group Ltd., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Daiwa Securities America Inc., Deutsche Bank Securities Inc., London branch, ING Bank NV, Singapore Branch, BofA Merrill Lynch, Mizuho Securities USA Inc., Nomura Securities International, Inc., SMBC Nikko Securities America, Inc. and Standard Chartered Bank
|
| Trade date: | July 10
|
| Settlement date: | July 18
|
| Ratings: | S&P: A-
|
| Fitch: A-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | July 18, 2022
|
| Coupon: | 2.9%
|
| Price: | 99.852
|
| Yield: | 2.932%
|
| Spread: | Treasuries plus 100 bps
|
| Call feature: | Non-callable
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | July 18, 2027
|
| Coupon: | 3.7%
|
| Price: | 99.793
|
| Yield: | 3.725%
|
| Spread: | Treasuries plus 135 bps
|
| Call feature: | Non-callable
|
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