By Cristal Cody
Tupelo, Miss., Sept. 6 – Visa Inc. sold $2.5 billion of senior notes (A1/A+) in three tranches on the tight side of price talk on Wednesday, according to a market source.
The company priced $1 billion of 2.15% notes due Sept. 15, 2022 at a spread of Treasuries plus 53 basis points.
Visa sold $750 million of 2.75% 10-year notes with a Treasuries plus 73 bps spread.
The company pried $750 million of 3.65% 30-year notes at a spread of 95 bps over Treasuries.
Barclays, BofA Merrill Lynch, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including the repayment or redemption of $1.75 billion of 1.2% notes due Dec. 14, 2017.
San Francisco-based Visa operates a retail electronic payments network.
| Issuer: | Visa Inc.
|
| Amount: | $2.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, BofA Merrill Lynch, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc.
|
| Co-managers: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., MUFG, RBC Capital Markets Corp., Standard Chartered Bank, TD Securities (USA) LLC and Wells Fargo Securities LLC
|
| Trade date: | Sept. 6
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 15, 2022
|
| Coupon: | 2.15%
|
| Spread: | Treasuries plus 53 bps
|
| Price guidance: | Treasuries plus 55 bps area
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | Sept. 15, 2027
|
| Coupon: | 2.75%
|
| Spread: | Treasuries plus 73 bps
|
| Price guidance: | Treasuries plus 75 bps area
|
|
|
| 30-year notes
|
| Amount: | $750 million
|
| Maturity: | Sept. 15, 2047
|
| Coupon: | 3.65%
|
| Spread: | Treasuries plus 95 bps
|
| Price guidance: | Treasuries plus 97 bps area
|
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