By Paul A. Harris
Portland, Ore., Oct. 7 – Sensata Technologies BV priced a $400 million issue of non-callable 10-year senior notes (Ba3/BB+/) at par to yield 5 5/8% on Tuesday, according to a market source.
The yield printed at the tight end of yield talk in the 5¾% area.
Barclays was the lead left bookrunner for the quick-to-market deal. Morgan Stanley & Co., RBC Capital Markets and Goldman Sachs & Co. were joint bookrunners.
The Almelo, Netherlands-based company plans to use the proceeds to partially fund the acquisition of Schrader International.
Sensata Technologies is a supplier of sensing, electrical protection, control and power management solutions.
| Issuer: | Sensata Technologies BV
|
| Amount: | $400 million
|
| Maturity: | Nov. 1, 2024
|
| Securities: | Senior notes
|
| Left bookrunner: | Barclays
|
| Joint bookrunners: | Morgan Stanley & Co., RBC Capital Markets, Goldman Sachs & Co.
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Call protection: | Non-callable
|
| Trade date: | Oct. 7
|
| Settlement date: | Oct. 14
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% area
|
| Marketing: | Quick to market
|
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