By Cristal Cody
Chicago, Jan. 23 – Private Export Funding Corp. priced an upsized $650 million of senior secured notes on Monday in two tranches, according to a source.
The size of the offering was upsized from $500 million.
The deal included $350 million of 4.3% notes due Dec. 15, 2028. Pricing came at Treasuries plus 27 basis points, tighter than talk in the 35 bps area.
The second tranche priced as $300 million of 4.6% notes due Feb. 15, 2034. Pricing was at Treasuries plus 52 bps. Initial talk was in the 55 bps area.
HSBC Securities (USA) Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc. and U.S. Bancorp Investments Inc. were the bookrunners.
The New York City-based company provides loans to foreign importers and assists small businesses with financing U.S. exports.
| Issuer: | Private Export Funding Corp.
|
| Amount: | $650 million
|
| Issue: | Senior secured notes
|
| Bookrunners: | HSBC Securities (USA) Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc. and U.S. Bancorp Investments Inc.
|
| Trade date: | Jan. 22
|
|
|
| Notes due 2028
|
| Amount: | $350 million
|
| Maturity: | Dec. 15, 2028
|
| Coupon: | 4.3%
|
| Spread: | Treasuries plus 27 bps
|
| Price talk: | Treasuries plus 35 bps area
|
|
|
| Notes due 2034
|
| Amount: | $300 million
|
| Maturity: | Feb. 15, 2034
|
| Coupon: | 4.6%
|
| Spread: | Treasuries plus 52 bps
|
| Price talk: | Treasuries plus 55 bps area
|
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