Sensata Technologies driving by with $500 million eight-year notes; initial talk 6¼% area

By Paul A. Harris

Portland, Ore., Aug. 15 – Sensata Technologies BV plans to price a $500 million offering of senior notes due 2030 (Ba3/BB+) in a Monday drive-by following a conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the 6¼% area, a sellside source said.

Left lead bookrunner Barclays will bill and deliver. Goldman Sachs, Morgan Stanley, Mizuho, BofA and RBC are the joint bookrunners.

The Rule 144A and Regulation S for life eight-year notes come with three years of call protection. They feature a 40% equity clawback at par plus the full coupon during the non-call period.

The Swindon, U.K.-based supplier of sensors and related products plans to use the proceeds to retire its 4 7/8% senior notes due 2023 or other debt.

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