By Cristal Cody
Chicago, Oct. 19 – PSP Capital Inc.’s sold a $1 billion bond offering (Aaa/AAA/AAA/DBRS: AAA) as Tuesday business, a day later than initially announced, according to multiple market sources.
The notes priced over the session with a 1.625% coupon and a spread of mid-swaps plus 18 basis points, or Treasuries plus 17 bps.
Price talk had been tightened at launch to mid-swaps plus 18 basis points, 1 bp lower than price talk in the mid-swaps plus 19 bps area.
The Rule 144A and Regulation S notes will mature Oct. 26, 2028.
Public Sector Pension Investment Board is the guarantor.
Listing will be on the Irish Stock Exchange.
BNP Paribas, Citigroup, Morgan Stanley and RBC are the bookrunners. RBC is handling billing and delivery.
Books were in excess of $2 billion late in the day, excluding joint lead manager interest.
PSP Capital is the principal financing arm of the Ottawa-based Public Sector Pension Investment Board.
| Issuer: | PSP Capital Inc.
|
| Guarantor: | Public Sector Pension Investment Board
|
| Issue: | Notes
|
| Amount: | $1 billion
|
| Maturity: | Oct. 26, 2028
|
| Bookrunners: | BNP Paribas, Citigroup, Morgan Stanley and RBC (billing and delivery)
|
| Coupon: | 1.625%
|
| Spread: | Mid-swaps plus 18 bps, or Treasuries plus 17 bps
|
| Trade date: | Oct. 19
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| DBRS: AAA
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Mid-swaps plus 18 bps; initial talk at mid-swaps plus 19 bps area
|
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