By Aleesia Forni
Virginia Beach, Va., Nov. 13 - Volkswagen International Finance NV priced $2.15 billion of senior notes (A3/A-/) in four tranches on Wednesday, according to an informed source.
All four tranches were sold at the tight end of talk.
The company priced $400 million of two-year floaters at par to yield Libor plus 33 basis points.
A $750 million tranche of three-year floating-rate notes was sold at par to yield Libor plus 44 bps.
There was also a $500 million tranche of 1.125% three-year notes priced with a spread of Treasuries plus 55 bps, or 99.956 to yield 1.14%.
Finally, $500 million of 2.125% five-year senior notes priced at Treasuries plus 75 bps.The notes sold at 99.896 to yield 2.147%.
Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and RBC Capital Markets LLC were the joint bookrunners.
The financing arm of Volkswagen is based in Amsterdam.
| Issuer: | Volkswagen International Finance NV
|
| Issue: | Senior notes
|
| Amount: | $2.15 billion
|
| Joint bookrunners: | Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 20
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Floaters due 2015
|
| Amount: | $400 million
|
| Maturity: | Nov. 18, 2015
|
| Coupon: | Libor plus 33 bps
|
| Price: | Par
|
| Yield: | Libor plus 33 bps
|
| Price talk: | Libor plus 35 bps area
|
|
|
| Floaters due 2016
|
| Amount: | $750 million
|
| Maturity: | Nov. 18, 2016
|
| Coupon: | Libor plus 44 bps
|
| Price: | Par
|
| Yield: | Libor plus 44 bps
|
| Price talk: | Libor plus 45 bps area
|
|
|
| Notes due 2016
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2016
|
| Coupon: | 1.125%
|
| Price: | 99.956
|
| Yield: | 1.14%
|
| Spread: | Treasuries plus 55 bps
|
| Price talk: | Treasuries plus 55 bps to 60 bps
|
|
|
| Notes due 2018
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2018
|
| Coupon: | 2.125%
|
| Price: | 99.896
|
| Yield: | 2.147%
|
| Spread: | Treasuries plus 75 bps
|
| Price talk: | Treasuries plus 75 bps to 80 bps
|
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