New Issue: Paccar prices upsized $450 million of 0.35% notes due 2023 at 28 bps spread

By Cristal Cody

Tupelo, Miss., Aug. 4 – Paccar Financial Corp. priced an upsized $450 million of 0.35% three-year medium-term notes (A1/A+) on Tuesday at 99.869 to yield 0.394%, or spread of Treasuries plus 28 basis points, according to a market source and an FWP fling with the Securities and Exchange Commission.

Initial price talk was in the Treasuries plus 50 bps area.

The deal was upsized from $300 million.

BNP Paribas Securities Corp., Mizuho Securities USA LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., Rabo Securities USA, Inc., Scotia Capital (USA) Inc., SG Americas Securities, LLC and Siebert Williams Shank & Co., LLC were the bookrunners.

Paccar Financial is a financing arm of Bellevue, Wash.-based Paccar Inc.

Issuer:	Paccar Financial Corp.
Amount:	$450 million
Description:	Series P medium-term notes
Maturity:	Aug. 11, 2023
Bookrunners:	BNP Paribas Securities Corp., Mizuho Securities USA LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., Rabo Securities USA, Inc., Scotia Capital (USA) Inc., SG Americas Securities, LLC and Siebert Williams Shank & Co., LLC
Coupon:	0.35%
Price:	99.869
Yield:	0.394%
Spread:	Treasuries plus 28 bps
Call feature:	None
Trade date:	Aug. 4
Settlement date:	Aug. 11
Ratings:	Moody’s: A1
	S&P: A+
Distribution:	SEC registered
Price guidance:	Treasuries plus 50 bps area

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