FLIR sells $500 million 10-year note; Toyota Motor sells $750 million

By Devika Patel

Knoxville, Tenn., July 20 – Primary activity in the investment-grade bond market was nearly silent on Monday with Prospect News reporting only two tranches of notes pricing.

Wilsonville, Ore.-based FLIR Systems, Inc., a manufacturer of sensors and imaging systems, sold $500 million of 2.5% 10-year notes (Baa3/BBB/BBB) with a spread of Treasuries plus 190 basis points.

Proceeds will be used to redeem all $425 million of the company’s 3.125% senior notes due June 15, 2021 and for general corporate purposes.

Torrance, Calif.-based Toyota Motor Credit Corp., the funding arm of auto manufacturer Toyota, sold $750 million of 0.45% two-year Diversity and Inclusion notes (A1/A+/A+) at a spread of Treasuries plus 33 bps.

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