New Issue: Ross Stores prices $250 million 3.375% 10-year notes at 87 bps spread

By Aleesia Forni

Virginia Beach, Sept. 15 – Ross Stores Inc. priced a $250 million issue of 3.375% senior notes (A3/A-/) due 2024 on Monday with a spread of Treasuries plus 87 basis points, according to a FWP filed with the Securities and Exchange Commission.

Pricing was at 99.329 to yield 3.455%.

Wells Fargo Securities LLC, J.P. Morgan Securities LLC and BofA Merrill Lynch were the bookrunners.

Proceeds will be used to purchase the building in which the company’s New York buying office is located for $222 million. Remaining net proceeds will be used for general corporate purposes.

The chain of department stores is based in Pacifica, Calif.

Issuer:	Ross Stores Inc.
Amount:	$250 million
Description:	Senior notes
Maturity:	Sept. 15, 2024
Bookrunners:	Wells Fargo Securities LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch
Co-managers:	U.S. Bancorp Investments, Inc., Mitsubishi UFJ Securities (USA), Inc., SunTrust Robinson Humphrey, Inc., Fifth Third Securities, Inc., BNY Mellon Capital Markets, LLC
Coupon:	3.375%
Price:	99.329
Yield:	3.455%
Spread:	Treasuries plus 87 bps
Trade date:	Sept. 15
Settlement date:	Sept. 18
Ratings:	Moody’s: A3
	Standard & Poor's: A-
Price talk:	Treasuries plus 90 bps area, tightened from Treasuries plus 100 bps area
Make-whole call:	Treasuries plus 15 bps prior to June 15, 2024, then callable at par

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.