By Andrea Heisinger
New York, Dec. 9 - Paccar Financial Corp. priced $250 million of 1.95% three-year senior unsecured notes on Wednesday to yield Treasuries plus 82 basis points, an informed source said.
The notes were sold at the tightest end of price talk that was initially whispered in the 90 bps area, the source said. Talk was revised to the 85 bps area, with a margin of plus or minus 3 bps. Books were more than two times oversubscribed.
The notes (A1/AA-/) priced at 99.849 to yield 2.002%. They are non-callable.
Citigroup Global Markets Inc., HSBC Securities and RBS Securities Inc. ran the books.
The issuer is a subsidiary of truck company Paccar Inc. and provides financing and leases. The company is based in Bellevue, Wash.
| Issuer: | Paccar Financial Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $250 million
|
| Maturity: | Dec. 17, 2012
|
| Bookrunners: | Citigroup Global Markets Inc., HSBC Securities, RBS Securities Inc.
|
| Coupon: | 1.95%
|
| Price: | 99.849
|
| Yield: | 2.002%
|
| Spread: | Treasuries plus 82 bps
|
| Call: | Non-callable
|
| Trade date: | Dec. 9
|
| Settlement date: | Dec. 16
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Price talk: | 90 bps area (whispered), then 85 bps area, plus or minus 3 bps
|
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