By Paul A. Harris
Portland, Ore., March 15 – Sensata Technologies BV priced an upsized $750 million issue of eight-year senior notes (Ba3/BB+) at par to yield 4% in a Monday drive-by, according to market sources.
The issue size increased from $500 million.
The yield printed in the middle of yield talk in the 4% area.
Order books were heard to be two-times oversubscribed, a trader said.
Goldman Sachs was the left bookrunner. Joint bookrunners were Barclays, BofA Securities, Mizuho, Morgan Stanley and RBC.
The Swindon, U.K.-based supplier of sensors and related products plans to use the proceeds, including the additional proceeds resulting from the $250 million upsizing of the deal, for general corporate purposes, which may include working capital, capital expenditures, acquisitions, strategic investments, debt repayment and share repurchases.
Issuer: | Sensata Technologies BV
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Amount: | $750 million, increased from $500 million
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Maturity: | April 15, 2029
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Securities: | Senior notes
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Left bookrunner: | Goldman Sachs
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Joint bookrunners: | Barclays, BofA Securities, Mizuho, Morgan Stanley and RBC
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Coupon: | 4%
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Price: | Par
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Yield: | 4%
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Spread: | 258 bps
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First call: | April 15, 2024 at 102
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Trade date: | March 15
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Settlement date: | March 29
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Ratings: | Moody's: Ba3
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| S&P: BB+
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 4% area
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Marketing: | Drive-by
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