By Aleesia Forni
New York, Feb. 23 – Paccar Financial Corp. detailed its $500 million sale of three- and five-year notes (A1/A+), according to two separate FWP filings with the Securities and Exchange Commission.
The issuer brought to market on Monday $250 million of 1.65% three-year notes with a 78 basis point spread over Treasuries. The notes sold at 99.86 to yield 1.698%.
Pricing came at the tight side of guidance set in the Treasuries plus 80 bps area.
A $250 million tranche of 2.25% five-year notes sold at 99.897 to yield 2.272%, or 103 bps over Treasuries.
The notes were talked in the 105 bps area over Treasuries.
Bookrunners were BofA Merrill Lynch, Citigroup Global Markets Inc., MUFG and TD Securities.
Paccar Financial is the Bellevue, Wash.-based financing arm of Paccar Inc.
| Issuer: | Paccar Financial Corp.
|
| Issue: | Medium-term notes, series O
|
| Amount: | $500 million
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., MUFG, TD Securities
|
| Co-managers: | ANZ Securities, Inc., Lloyds Securities Inc., Scotia Capital (USA) Inc., Williams Capital Group, LP
|
| Trade date: | Feb. 22
|
| Settlement date: | Feb. 25
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A+
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $250 million
|
| Maturity: | Feb. 25, 2019
|
| Coupon: | 1.65%
|
| Price: | 99.86
|
| Yield: | 1.698%
|
| Spread: | Treasuries plus 78 bps
|
| Price guidance: | Treasuries plus 80 bps area
|
|
|
| Five-year notes
|
| Amount: | $250 million
|
| Maturity: | Feb. 25, 2021
|
| Coupon: | 2.25%
|
| Price: | 99.897
|
| Yield: | 2.272%
|
| Spread: | Treasuries plus 103 bps
|
| Price guidance: | Treasuries plus 105 bps area
|
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