By Andrea Heisinger
New York, Jan. 6 - Pernod Ricard SA gave partial terms of its $2.5 billion sale of senior notes (Baa3/BBB-/), which priced in three tranches on Thursday, according to a news release.
An $850 million tranche of 2.95% five-year notes priced at Treasuries plus 210 basis points.
An $800 million tranche of 4.25% 10-year notes sold at 230 bps over Treasuries.
Finally, there was $850 million of 5.5% 30-year bonds, which priced at 255 bps over Treasuries.
All of the tranches were sold at the low end of price guidance, which was 5 bps wider across the board, the source said.
The deal was done under Rule 144A and Regulation S. Full terms were not available at press time Thursday.
J.P. Morgan Securities LLC and RBS Securities Inc. were the bookrunners.
Proceeds will be used to extend the maturity profile of the company's debt and to prepay a significant part of bank debt under a syndicated credit agreement.
Pernod Ricard last priced debt in a $1.5 billion sale of 4.5% notes due 2022 on Oct. 20, 2011 at 230 bps over Treasuries.
The wine and spirits maker is based in Paris.
| Issuer: | Pernod Ricard SA
|
| Issue: | Senior notes
|
| Amount: | $2.5 billion
|
| Bookrunners: | J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Distribution: | Rule 144A and Regulation S
|
| Trade date: | Jan. 5
|
| Settlement date: | Jan. 12
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
|
|
| Five-year notes
|
| Amount: | $850 million
|
| Maturity: | 2017
|
| Coupon: | 2.95%
|
| Spread: | Treasuries plus 210 bps
|
| Price talk: | 215 bps area
|
|
|
| 10-year notes
|
| Amount: | $800 million
|
| Maturity: | July 2022
|
| Coupon: | 4.25%
|
| Spread: | Treasuries plus 230 bps
|
| Price talk: | 235 bps area
|
|
|
| 30-year bonds
|
| Amount: | $850 million
|
| Maturity: | 2042
|
| Coupon: | 5.5%
|
| Spread: | Treasuries plus 255 bps
|
| Price talk: | 260 bps area
|
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