By Andrea Heisinger
Omaha, Feb. 26 - UST Inc. priced $300 million 5.75% 10-year senior notes Tuesday to yield Treasuries plus 193 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A3/A) priced at 99.632 to yield 5.799%. They have a make-whole call at Treasuries plus 30 bps.
Bookrunners were Lehman Brothers Inc. and Morgan Stanley & Co. Inc. Co-managers were Piper Jaffray, PNC Capital Markets and RBS Greenwich Capital.
Proceeds will be used to repay outstanding borrowings under a six-month credit agreement, a portion of a five-year revolving credit facility and for general corporate purposes.
The smokeless tobacco and wine company is based in Stamford, Conn.
| Issuer: | UST Inc.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | March 1, 2018
|
| Bookrunners: | Lehman Brothers Inc., Morgan Stanley & Co. Inc.
|
| Co-managers: | Piper Jaffray, PNC Capital Markets, RBS Greenwich Capital
|
| Coupon: | 5.75%
|
| Price: | 99.632
|
| Yield: | 5.799%
|
| Spread: | Treasuries plus 193 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | Feb. 26
|
| Settlement date: | Feb. 29
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
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