By Cristal Cody
Tupelo, Miss., Feb. 22 – Paccar Financial Corp. (A1/A+) sold $300 million of 2.85% three-year medium-term notes at 99.912 to yield 2.881% and a spread of Treasuries plus 43 basis points on Friday, according to a market source and an FWP filing with the Securities and Exchange Commission.
Price guidance was in the Treasuries plus 45 bps area, plus or minus 2 bps, tighter than initial talk in the Treasuries plus 55 bps spread area.
BofA Merrill Lynch, J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities, LLC were the bookrunners.
Paccar Financial is a financing arm of Bellevue, Wash.-based Paccar Inc.
| Issuer: | Paccar Financial Corp.
|
| Amount: | $300 million
|
| Description: | Series P medium-term notes
|
| Maturity: | March 1, 2022
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities, LLC
|
| Co-managers: | Scotia Capital (USA) Inc. and TD Securities (USA) LLC
|
| Coupon: | 2.85%
|
| Price: | 99.912
|
| Yield: | 2.881%
|
| Spread: | Treasuries plus 43 bps
|
| Call feature: | None
|
| Trade date: | Feb. 22
|
| Settlement date: | March 1
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 45 bps area, plus or minus 2 bps; initial talk at 55 bps spread area
|
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