By Andrea Heisinger
New York, Nov. 12 - Raytheon Co. sold $500 million of 4.4% notes due Feb. 15, 2020 on Thursday to yield Treasuries plus 95 basis points, a market source away from the sale said.
The notes (Baa1/A-/A-) priced at 99.755 to yield 4.428%. There is a make-whole call at 20 bps over Treasuries.
Bookrunners were Bank of America Merrill Lynch and J.P. Morgan Securities Inc. Joint lead managers were Credit Suisse Securities and Citigroup Global Markets Inc.
Senior co-managers were Morgan Stanley & Co., Wells Fargo Securities, SG Americas Securities LLC, BNP Paribas Securities Corp., UBS Investment Bank, RBS Securities Inc. and Calyon Securities.
Co-managers were BNY Securities, ANZ Securities, Scotia Capital and Lloyds TSB Bank.
Proceeds will be used to fund the redemption of 4.85% notes due January 2011.
The defense technology company is based in Waltham, Mass.
| Issuer: | Raytheon Co.
|
| Issue: | Unsecured notes
|
| Amount: | $500 million
|
| Maturity: | Feb. 15, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc.
|
| Joint lead managers: | Credit Suisse Securities, Citigroup Global Markets Inc.
|
| Senior co-managers: | Morgan Stanley & Co., Wells Fargo Securities, SG Americas Securities LLC, BNP Paribas Securities Corp., UBS Investment Bank, RBS Securities Inc., Calyon Securities
|
| Co-managers: | BNY Securities, ANZ Securities, Scotia Capital, Lloyds TSB Bank
|
| Coupon: | 4.4%
|
| Price: | 99.755
|
| Yield: | 4.428%
|
| Spread: | Treasuries plus 95 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Trade date: | Nov. 12
|
| Settlement date: | Nov. 19
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
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