By Cristal Cody
Tupelo, Miss., Sept. 10 – Sensata Technologies Holding plc priced $450 million of senior notes due Feb. 15, 2030 (Ba3/BB+) at par to yield 4 3/8% in a Rule 144A and Regulation S for life offering on Tuesday, according to a market source and a news release.
Initial price talk was in the 4½% area.
Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were Barclays, BofA Securities, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC.
The notes will be guaranteed by indirect parent company Sensata Technologies BV and each of the parent’s wholly owned subsidiaries that are expected to be a guarantor under its senior credit facilities and outstanding series of existing notes.
Proceeds will be used to repay a portion of the company’s outstanding term loan.
Attleboro, Mass.-based Sensata Technologies is a supplier of electrical protection products, sensors and other power management solutions for industries including automotive, appliances, aircraft, industrial, military, heating, ventilation and air conditioning and telecommunications.
| Issuer: | Sensata Technologies Holding plc
|
| Guarantors: | Sensata Technologies BV and each of the parent’s wholly owned subsidiaries that are guarantors under its senior credit facilities and outstanding existing notes
|
| Amount: | $450 million
|
| Description: | Senior notes
|
| Maturity: | Feb. 15, 2030
|
| Bookrunners: | Goldman Sachs & Co. LLC (left), Barclays, BofA Securities, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Call features: | Make-whole call before Nov. 15, 2029 at Treasuries plus 50 bps; thereafter at par
|
| Trade date: | Sept. 10
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| Settlement date: | Sept. 20
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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
|
| Price talk: | 4½% area
|
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