By Cristal Cody
Eureka Springs, Ark., Oct. 31 – Wabtec Corp. sold $750 million of 3.45% 10-year senior notes with a spread of Treasuries plus 162.5 basis points over Treasuries in a Rule 144A and Regulation S transaction on Monday, according to a market source and a company news release.
The notes priced on the tight side of guidance.
J.P. Morgan Securities LLC, BofA Merrill Lynch, PNC Capital Markets LLC, HSBC Securities (USA) Inc., and Societe Generale were the joint bookrunning managers.
The notes will initially be guaranteed by each of Wabtec's subsidiaries that guarantees its obligations under its existing credit facilities.
Wabtec intends to use the proceeds to contribute to the payment of the cash portion of the purchase price for Wabtec's previously announced acquisition of Faiveley Transport SA and for refinancing of Faiveley Transport's outstanding debt.
The Wilmerding, Pa.-based company provides value-added, technology-based products and services for rail and other industrial markets.
| Issuer: | Wabtec Corp.
|
| Guarantors: | Each of Wabtec's subsidiaries that guarantees obligations under existing credit facilities
|
| Amount: | $750 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 15, 2026
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, PNC Capital Markets LLC, HSBC Securities (USA) Inc., Societe Generale
|
| Coupon: | 3.45%
|
| Spread: | Treasuries plus 162.5 bps
|
| Trade date: | Oct. 31
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Distribution: | Rule 144A, Regulation S
|
| Price guidance: | Treasuries plus 165 bps area, plus or minus 2.5 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
