VW International Finance selling notes in three tranches Tuesday

By Andrea Heisinger

New York, Nov. 13 - Volkswagen International Finance NV is pricing bonds (A3/A-/) in three tranches on Tuesday, an informed source told Prospect News.

The offering will include a two-year floating-rate note and will include fixed-rate notes due 2015 and 2017.

The offering is being done under Rule 144A and Regulation S.

Barclays, J.P. Morgan Securities LLC and RBC Capital Markets LLC are the bookrunners.

VW International was last in the market with a $3.35 billion sale in four tranches on March 19, 2012. That offering included a two-year floater priced to yield Libor plus 75 basis points, a 1.625% three-year note sold at 113 bps over Treasuries and a 2.375% five-year bond priced at Treasuries plus 133 bps.

The issuer is an Amsterdam-based financing arm of Wolfsburg, Germany-based auto-maker Volkswagen AG.

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