By Andrea Heisinger
Omaha, Oct. 10 - VF Corp. priced $600 million of notes (A3/A-) in two tranches Wednesday, an informed source said.
The company sold a $250 million tranche of 5.95% 10-year notes at 99.831 to yield 5.972%, or Treasuries plus 133 basis points.
The issuance also included a $350 million tranche of 6.45% 30-year notes priced at 99.391 to yield 6.496%, or Treasuries plus 163 bps.
Bookrunners were Banc of America Securities LLC and Citigroup Global Markets Inc.
Proceeds will be used for general corporate purposes, including repayment of debt under an existing bridge loan.
VF is a branded lifestyle apparel and related products company based in Greensboro, N.C.
| Issuer: | VF Corp.
|
| Issue: | Notes
|
| Total amount: | $600 million
|
| Bookrunners: | Banc of America Securities LLC and Citigroup Global Markets Inc.
|
| Trade date: | Oct. 10
|
| Settlement date: | Oct. 15
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
|
|
| 10-year tranche
|
| Amount: | $250 million
|
| Maturity: | Nov. 1, 2017
|
| Coupon: | 5.95%
|
| Price: | 99.831
|
| Yield: | 5.972%
|
| Spread: | Treasuries plus 133 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
|
|
| 30-year tranche
|
| Amount: | $350 million
|
| Maturity: | Nov. 1, 2037
|
| Coupon: | 6.45%
|
| Price: | 99.391
|
| Yield: | 6.496%
|
| Spread: | Treasuries plus 163 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
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