By Andrea Heisinger
New York, Nov. 27 - Raytheon Co. was in the market Tuesday with a $1.1 billion offering of 2.5% 10-year notes (A3/A-/A-) priced at Treasuries plus 90 basis points, an informed source said.
Pricing was at 99.691 to yield 2.535%. There is a make-whole call at Treasuries plus 15 bps.
Active bookrunners were Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC. Passive bookrunners were Bank of America Merrill Lynch, Citigroup Global Markets Inc. and UBS Securities LLC.
Proceeds will be used to fund the redemption of $575 million in 1.4% notes due December 2014 and $400 million of 1.625% notes due October 2015 and for general corporate purposes.
Raytheon was last in the market with a $1 billion sale of notes in two parts on Nov. 29, 2011.
The defense and homeland security technology company is based in Waltham, Mass.
| Issuer: | Raytheon Co.
|
| Issue: | Notes
|
| Amount: | $1.1 billion
|
| Maturity: | Dec. 15, 2022
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC (active), Bank of America Merrill Lynch, Citigroup Global Markets Inc., UBS Securities LLC (passive)
|
| Coupon: | 2.5%
|
| Price: | 99.691
|
| Yield: | 2.535%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Trade date: | Nov. 27
|
| Settlement date: | Dec. 4
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
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