Principal Financial, Brixmor tap primary market; Bristol-Myers, Fidelity, T-Mobile eyed

By Cristal Cody

Tupelo, Miss., May 7 – In new high-grade issuance on Tuesday, Principal Financial Group, Inc. priced $500 million of 10-year senior notes with a special mandatory call if the company does not complete an acquisition of Wells Fargo Bank, NA's Institutional Retirement & Trust business unit.

Also on Tuesday, Brixmor Operating Partnership LP sold $400 million of 10-year senior notes.

In other deal action during the session, Capital Power Corp. announced that it priced C$150 million of 5.75% cumulative minimum rate reset preference shares to help fund its acquisition of Goreway Power Station Holdings Inc.

Meanwhile, Bristol-Myers Squibb Co. was being eyed to tap the high-grade primary market following holidays in Europe and Japan that kept some investors out in the previous session.

The company is anticipated to price a Rule 144A and Regulation S offering of notes in 1.5-, two-, three-, five-, seven-, 10-, 20- and 30-year tranches, according to market sources.

Also on Tuesday, Fidelity National Information Services, Inc. kicked off a roadshow and fixed income investor calls for a multi-currency bond deal to help finance its acquisition of Worldpay Inc. The roadshow will continue through Friday. T-Mobile U.S. Inc.’s roadshow for a bond offering to fund its acquisition of Sprint Corp. also continues through Wednesday. in the U.S. and European markets.

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