By Aleesia Forni
Virginia Beach, Aug. 13 – Ralph Lauren Corp. sold $300 million of 2.625% five-year senior notes (A2/A) during Thursday’s session at Treasuries plus 110 basis points, according to a market source and a 424B5 filing with the Securities and Exchange Commission.
Pricing was at 99.795 to yield 2.669%.
The notes sold at the wide end of guidance set in the 105 bps to 110 bps area over Treasuries following initial talk in the 110 bps area.
Joint bookrunners are Goldman Sachs & Co. and J.P. Morgan Securities LLC.
The issuer plans to use the proceeds for general corporate purposes.
Ralph Lauren is a New York-based company engaged in the design, marketing and distribution of lifestyle products.
| Issuer: | Ralph Lauren Corp.
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | Aug. 18, 2020
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC
|
| Coupon: | 2.625%
|
| Price: | 99.795
|
| Yield: | 2.669%
|
| Spread: | Treasuries plus 110 bps
|
| Make-whole call: | Treasuries plus 20 bps prior to July 18, 2020, then callable at par
|
| Change-of-control put: | 101%
|
| Trade date: | Aug. 13
|
| Settlement date: | Aug. 18
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 105 bps to 110 bps, adjusted from 110 bps area
|
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