By Paul A. Harris
Portland, Ore., Aug. 15 – Sensata Technologies BV priced a $500 million issue of eight-year senior notes (Ba3/BB+) at par to yield 5 7/8% in a Monday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 6% area. Initial guidance was in the 6¼% area.
Left lead bookrunner Barclays will bill and deliver. Joint bookrunners were Goldman Sachs, Morgan Stanley, Mizuho, BofA and RBC.
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.
| Issuer: | Sensata Technologies BV
|
| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | Sept. 1, 2030
|
| Left bookrunner: | Barclays (bill and deliver)
|
| Joint bookrunners: | Goldman Sachs, Morgan Stanley, Mizuho, BofA and RBC
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Spread: | 309 bps
|
| Call protection: | Three years
|
| Trade date: | Aug. 15
|
| Settlement date: | Aug. 29
|
| Ratings: | Moody's: Ba3
|
| S&P: BB+
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 6% area
|
| Marketing: | Drive-by
|
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