By Andrea Heisinger
New York, April 28 - Potash Corp. of Saskatchewan Inc. sold $1 billion senior unsecured notes (Baa1/A-/) in two tranches Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The $500 million of 5.25% five-year notes priced at 99.757 to yield 5.305%, or Treasuries plus 337.5 basis points.
The $500 million of 6.5% 10-year notes priced at 99.916 to yield 6.511%, or Treasuries plus 350 bps.
Both tranches have a make-whole call at Treasuries plus 50 bps. They feature a change-of-control put of 101%.
Bookrunners were Banc of America Securities LLC, HSBC Securities and RBC Capital Markets.
Co-managers were BMO Capital Markets Corp., Scotia Capital (USA) Inc., CIBC World Markets Corp., Rabo Securities USA, Inc., Mitsubishi UFJ Securities (USA), Inc., Comerica Securities, Inc., SG Americas Securities, LLC, Goldman, Sachs & Co. and UBS Securities LLC.
Proceeds will be used to repay outstanding debt under revolving credit facilities maturing in 2010 and 2013 and for general corporate purposes.
The fertilizer, industrial and feed products company is based in Saskatoon, Sask.
| Issuer: | Potash Corp. of Saskatchewan Inc.
|
| Issue: | Senior unsecured notes
|
| Total amount: | $1 billion
|
| Bookrunners: | Banc of America Securities LLC, HSBC Securities, RBC Capital Markets
|
| Co-managers: | BMO Capital Markets Corp., Scotia Capital (USA) Inc., CIBC World Markets Corp., Rabo Securities USA, Inc., Mitsubishi UFJ Securities (USA), Inc., Comerica Securities, Inc., SG Americas Securities, LLC, Goldman, Sachs & Co., UBS Securities LLC
|
| Change-of-control put: | 101%
|
| Trade date: | April 28
|
| Settlement date: | May 1
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | May 15, 2014
|
| Coupon: | 5.25%
|
| Price: | 99.757
|
| Yield: | 5.305%
|
| Spread: | Treasuries plus 337.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | May 15, 2019
|
| Coupon: | 6.5%
|
| Price: | 99.916
|
| Yield: | 6.511%
|
| Spread: | Treasuries plus 350 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
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