By Cristal Cody
Tupelo, Miss., July 10 – Panasonic Corp. (A3/A-/BBB) priced $2.5 billion of notes in three tranches in a Rule 144A and Regulation S dollar-denominated offering on Wednesday, according to a market source.
A $1 billion tranche of 2.536% three-year notes priced on top of talk at a spread of Treasuries plus 75 basis points.
The company sold $1 billion of 2.679% five-year notes on the tight side of guidance at a spread of 85 bps over Treasuries.
Panasonic priced $500 million of 3.113% 10-year notes with a 105 bps over Treasuries spread, on the firm side of guidance in the 110 bps area.
BofA Securities, Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC were the bookrunners.
The company began a roadshow on Friday in Asia, Europe and the United States for the notes.
Panasonic is an electronics company based in Kadoma-shi, Osaka, Japan.
| Issuer: | Panasonic Corp.
|
| Amount: | $2.5 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Securities, Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
|
| Trade date: | July 10
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Fitch: BBB
|
| Distribution: | Rule 144A, Regulation S
|
| Marketing: | Roadshow
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | July 19, 2022
|
| Coupon: | 2.536%
|
| Spread: | Treasuries plus 75 bps
|
| Price guidance: | Treasuries plus 75 bps area; initial talk at Treasuries plus 90 bps area
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | July 19, 2024
|
| Coupon: | 2.679%
|
| Spread: | Treasuries plus 85 bps
|
| Price guidance: | Treasuries plus 90 bps area, plus or minus 5 bps; initial talk at Treasuries plus 105 bps area
|
|
|
| Ten-year notes
|
| Amount: | $500 million
|
| Maturity: | July 19, 2029
|
| Coupon: | 3.113%
|
| Spread: | Treasuries plus 105 bps
|
| Price guidance: | Treasuries plus 110 bps area, plus or minus 5 bps; initial talk at Treasuries plus 130 bps area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
