Published on 3/4/2014 in the Prospect News Investment Grade Daily.
New Issue: Potash Corp. prices $750 million 3.625% 10-year notes at 105 bps spread
By Aleesia Forni
Virginia Beach, March 4 - Potash Corp. of Saskatchewan Inc. priced $750 million of senior notes (A3/A-/) due 2024 with a spread of 105 basis points over Treasuries during Tuesday's session, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.111 to yield 3.732%.
The notes sold at the tight end of talk.
BofA Merrill Lynch, Morgan Stanley & Co. LLC and UBS Securities LLC were the joint bookrunners.
Proceeds will be used for general corporate purposes, including the refinancing of $500 million of Potash's 5.25% notes maturing on May 15, 2014.
Potash is a fertilizer and related industrial and feed products company based in Saskatoon, Sask.
| Issuer: | Potash Corp. of Saskatchewan Inc.
|
| Amount: | $750 million
|
| Description: | Senior notes
|
| Maturity: | March 15, 2024
|
| Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC
|
| Co-managers: | BMO Capital Markets Corp., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., CIBC World Markets Corp., HSBC Securities (USA) Inc., Mitsubishi UFJ Securities (USA), Inc., RABO SECURITIES USA, INC., TD Securities (USA) LLC, Goldman, Sachs & Co., Credit Agricole Securities (USA) Inc., SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc., Comerica Securities, Inc.
|
| Coupon: | 3.625%
|
| Price: | 99.111
|
| Yield: | 3.732%
|
| Spread: | Treasuries plus 105 bps
|
| Trade date: | March 4
|
| Settlement date: | March 7
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Price talk: | Treasuries plus 110 bps area, tightened from Treasuries plus 125 bps area
|
| Make-whole call: | Treasuries plus 15 bps prior to Dec. 15, 2023, then callable at par
|
| Distribution: | SEC-registered
|
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