Published on 5/1/2009 in the Prospect News Investment Grade Daily.
New Issue: Rockwell Collins' upsized $300 million 5.25% notes due 2019 yield Treasuries plus 215 bps
By Andrea Heisinger
New York, May 1 - Rockwell Collins, Inc. priced an upsized $300 million 5.25% senior unsecured notes due July 15, 2019 Friday to yield Treasuries plus 215 basis points, an informed source said.
The notes (A1/A/A) priced at 99.471 to yield 5.319%. They have a make-whole call at Treasuries plus 35 bps. The notes feature a change-of-control put of 101%.
Bookrunners were Banc of America Securities LLC, J.P. Morgan Securities Inc. and UBS Investment Bank.
Co-managers were Citigroup Global Markets Inc., Wachovia Capital Markets, LLC, BNY Mellon Capital Markets, LLC, Calyon Securities (USA) Inc., KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA), Inc., U.S. Bancorp Investments, Inc. and Mizuho Securities USA Inc.
Proceeds will be used for general corporate purposes.
The commercial and aviation electronics company is based in Cedar Rapids, Iowa.
| Issuer: | Rockwell Collins, Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | July 15, 2019
|
| Bookrunners: | Banc of America Securities LLC, J.P. Morgan Securities Inc., UBS Investment Bank
|
| Co-managers: | Citigroup Global Markets Inc., Wachovia Capital Markets, LLC, BNY Mellon Capital Markets, LLC, Calyon Securities (USA) Inc., KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA), Inc., U.S. Bancorp Investments, Inc. and Mizuho Securities USA Inc.
|
| Coupon: | 5.25%
|
| Price: | 99.471
|
| Yield: | 5.319%
|
| Spread: | Treasuries plus 315 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Change-of-control put: | 101%
|
| Trade date: | May 1
|
| Settlement date: | May 6
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Fitch: A
|
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