By Andrea Heisinger
New York, Oct. 20 - Pernod Ricard SA priced $1.5 billion of 4.45% notes due 2022 on Thursday at a spread of 230 basis points over Treasuries, a syndicate source said.
The notes were sold at the tight end of talk, which was in the 235 bps area, plus or minus 5 bps.
The notes (Baa3/BBB-/) were priced at 99.746 to yield 4.482%. They priced under Rule 144A and Regulation S.
The securities have a make-whole call at Treasuries plus 35 bps and feature a change-of-control put at 101%.
Bookrunners were Barclays Capital Inc. and J.P. Morgan Securities LLC.
Proceeds will be used for general corporate purposes.
Pernod last sold $1 billion of 5.75% 10-year notes in the high-yield market on April 4, 2011 at a spread of Treasuries plus 245 bps.
The distillery is based in Paris.
| Issuer: | Pernod Ricard SA
|
| Issue: | Notes
|
| Amount: | $1.5 billion
|
| Maturity: | Jan. 15, 2022
|
| Bookrunners: | Barclays Capital Inc., J.P. Morgan Securities LLC
|
| Coupon: | 4.45%
|
| Price: | 99.746
|
| Yield: | 4.482%
|
| Spread: | Treasuries plus 230 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Change-of-control put: | 101%
|
| Distribution: | Rule 144A and Regulation S
|
| Trade date: | Oct. 20
|
| Settlement date: | Oct. 25
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Price talk: | 235 bps area, plus or minus 5 bps
|
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