Published on 5/15/2023 in the Prospect News Investment Grade Daily.
New Issue: Weyerhaeuser sells $750 million 4.75% notes due 2026
Chicago, May 15 – Weyerhaeuser Co. priced $750 million of 4.75% three-year notes on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.672 to yield 4.869%, or at Treasuries plus 120 basis points.
The notes are callable with a Treasuries plus 20 bps make-whole premium at any point.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. are the joint bookrunners with BofA Securities, Inc. and Wells Fargo Securities, LLC.
Proceeds will be used for general corporate purposes, including repaying or refinancing some of the company’s debt.
Weyerhaeuser is a lumber company based in Seattle.
| Issuer: | Weyerhaeuser Co.
|
| Amount: | $750 million
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| Issue: | Notes
|
| Maturity: | May 15, 2026
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| Bookrunners: | Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Scotia Capital (USA) Inc., BofA Securities, Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | Rabo Securities USA, Inc., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., Truist Securities, Inc., Siebert Williams Shank & Co., LLC and BNY Mellon Capital Markets, LLC
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | Cravath, Swaine & Moore LLP, in-house counsel and Covington & Burling LLP
|
| Counsel to underwriters: | Davis Polk & Wardwell LLP
|
| Coupon: | 4.75%
|
| Price: | 99.672
|
| Yield: | 4.869%
|
| Spread: | Treasuries plus 120 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps at any point
|
| Change of control: | At 101
|
| Trade date: | May 15
|
| Settlement date: | May 17
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Cusip: | 962166CC6
|
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