By Andrea Heisinger
New York, May 26 - WEA Finance LLC priced an upsized $700 million 7.5% five-year notes Tuesday to yield 7.75%, a market source said.
The size was originally $500 million.
The Rule 144A notes (A2/A-/A-) priced at 98.98 with a spread of Treasuries plus 548.9 basis points. The notes have a make-whole call at Treasuries plus 50 bps.
Bookrunners were Barclays Capital Inc., J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc.
The securities company is based in Wilmington, Del.
| Issuer: | WEA Finance LLC
|
| Issue: | Notes
|
| Amount: | $700 million, increased from $500 million
|
| Maturity: | June 2, 2014
|
| Bookrunners: | Barclays Capital Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc.
|
| Coupon: | 7.5%
|
| Price: | 98.98
|
| Yield: | 7.75%
|
| Spread: | Treasuries plus 548.9 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Distribution: | Rule 144A
|
| Trade date: | May 26
|
| Settlement date: | June 2
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A-
|
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