By Paul A. Harris
Portland, Ore., March 31 – Sensata Technologies BV priced an upsized $250 million add-on to its 4% senior notes to April 15, 2029 (Ba3/BB+) at 100.75 to yield 3.89% in a Wednesday drive-by, according to market sources.
The tap was upsized from $150 million.
The price came at the rich end of price talk in the 100.5 area. Initial talk was 100 to 100.5.
Goldman Sachs was the bookrunner.
The Swindon, U.K.-based supplier of sensors and related products plans to use the proceeds for general corporate purposes, which may include working capital, capital expenditures, acquisitions, strategic investments, debt repayment or share repurchases.
| Issuer: | Sensata Technologies BV
|
| Amount: | $250 million, increased from $150 million
|
| Maturity: | April 15, 2029
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| Security description: | Add-on to 4% senior notes due April 15, 2029
|
| Bookrunner: | Goldman Sachs
|
| Coupon: | 4%
|
| Price: | 100.75
|
| Yield to maturity: | 3.89%
|
| Spread: | 235 bps
|
| First call: | April 15, 2024 at 102
|
| Trade date: | March 31
|
| Settlement date: | April 8
|
| Ratings: | Moody's: Ba3
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 100.5 area
|
| Marketing: | Drive-by
|
| Original issue: | $750 million priced on March 15, 2021
|
| Fungibility: | Add-on notes are set to become fungible with original notes
|
| Total issue size: | $1 billion
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