Hershey sells $1 billion; Rogers, Dover price notes, Citigroup on tap

By Devika Patel

Knoxville, Tenn., Oct. 28 – Primary activity in the investment-grade bond market on Monday saw three new deals pricing and one announced.

Hershey, Pa.-based Hershey Co., a manufacturer of chocolate and non-chocolate confectionery and chocolate-related grocery products, priced $1 billion of notes in three tranches.

In addition, Toronto-based Rogers Communications Inc., a communications and media company, priced $1 billion of 3.7% senior notes due 2049.

Also, Downers Grove, Ill.-based Dover Corp., a manufacturer of industrial, engineering, fluid management and electronic technical components and equipment, priced $300 million of 2.95% 10-year senior notes.

Finally, New York-based bank Citigroup Inc. announced a two-tranche offering of fixed-to-floating rate notes and floating rate notes due 2022.

Hershey prices notes

Hershey sold $1 billion of notes in three tranches.

There was $300 million of 2.05% five-year bonds sold with a 40 basis points spread over Treasuries. Pricing was at 99.914 to yield 2.068%.

The company sold $300 million of 2.45% 10-year bonds with a 60 bps spread over Treasuries. Pricing was at 99.964 to yield 2.454%.

Hershey priced $400 million of 3.125% 30-year bonds sold with an 80 bps spread over Treasuries. Pricing was at 99.612 to yield 3.145%.

BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets Corp. were the bookrunners.

Proceeds will be used to repay some commercial paper and for general corporate purposes.

Rogers sells 30-year notes

Rogers Communications priced $1 billion of 3.7% 30-year senior notes.

The notes were sold with a 142 bps spread over Treasuries. Pricing was at 98.926 to yield 3.76%.

BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the bookrunners.

Proceeds will be used to redeem all of the company’s $900 million of 4.7% senior notes due 2020.

Dover launches $300 million

Dover sold $300 million of 2.95% 10-year senior notes.

The notes priced at 99.579 to yield 2.999% with a spread of Treasuries plus 115 bps.

Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. were the bookrunners.

Proceeds will be used along with a €500 million sale of 0.75% notes to redeem the company’s $450 million of 4.3% notes due 2021 and €300 million of 2.125% notes due 2020.

Citigroup to price sale

Citigroup will conduct a two-tranche offering of fixed-to-floating-rate notes and floating-rate notes due 2022.

The fixed-to-floaters will initially have a fixed coupon and then an interest rate based on Libor. The floaters will accrue interest at a rate based on Libor.

The fixed-to-floaters have a make-whole call and then a par call, and the floaters have a par call in November 2021 and beginning in October 2022.

Citigroup Global Markets Inc. is the bookrunner.

Proceeds will be used for general corporate purposes.

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