New Issue: Oshkosh prices $300 million 3.1% 10-year senior notes at 155 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Feb. 11 – Oshkosh Corp. priced $300 million of 3.1% 10-year senior notes (Baa3/BBB/BBB-) on Tuesday at a Treasuries plus 155 basis points spread, according to a market source and an FWP filing with the Securities and Exchange Commission.

Initial price talk was in the Treasuries plus 185 bps area.

The notes priced at 99.624 to yield 3.144%.

BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC and U.S. Bancorp Investments Inc. were the bookrunners.

Proceeds will be used to redeem all of the company’s $250 million of 5.375% senior notes due March 1, 2025 and for general corporate purposes.

Oshkosh is an Oshkosh, Wis.-based industrial manufacturer of specialty vehicles and vehicle bodies.

Issuer:	Oshkosh Corp.
Amount:	$300 million
Description:	Senior notes
Maturity:	March 1, 2030
Bookrunners:	BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC and U.S. Bancorp Investments Inc.
Co-managers:	HSBC Securities (USA) Inc., ING Financial Markets LLC, PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc. and TD Securities (USA) LLC
Coupon:	3.1%
Price:	99.624
Yield:	3.144%
Spread:	Treasuries plus 155 bps
Call feature:	Make-whole call before Dec. 1, 2029 at Treasuries plus 25 bps; thereafter at par
Trade date:	Feb. 11
Settlement date:	Feb. 26
Ratings:	Moody’s: Baa3
	S&P: BBB
	Fitch: BBB-
Distribution:	SEC registered
Price talk:	Treasuries plus 185 bps area

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