By Andrea Heisinger
New York, May 9 - Wesfarmers Ltd. sold an upsized $650 million of 2.983% five-year notes on Monday at par to yield Treasuries plus 115 basis points, a market source away from the sale said.
The size was increased from $500 million.
The Rule 144A notes (Baa1/A-/BBB+) priced in line with price talk, which was in the 115 bps area.
There is a change-of-control put at 101%.
Bookrunners were Barclays Capital Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC.
Proceeds will be used for general corporate purposes, including debt repayment.
The conglomerate is based in Perth, Australia.
| Issuer: | Wesfarmers Ltd.
|
| Issue: | Senior notes
|
| Amount: | $650 million, upsized from $500 million
|
| Maturity: | May 18, 2016
|
| Bookrunners: | Barclays Capital Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC
|
| Coupon: | 2.983%
|
| Price: | Par
|
| Yield: | 2.983%
|
| Spread: | Treasuries plus 115 bps
|
| Call: | Non-callable
|
| Change-of-control put: | 101%
|
| Distribution: | Rule 144A
|
| Trade date: | May 9
|
| Settlement date: | May 18
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
| Price talk: | 115 bps area
|
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