By Andrea Heisinger
New York, April 5 - Food retailer Woolworths Ltd. sold $850 million of notes (A3/A-/) in two tranches on Tuesday, said an informed source.
A $300 million tranche of 3.15% five-year notes priced at 99.917 to yield 3.168%, or Treasuries plus 90 basis points. The notes have a make-whole call at 15 bps over Treasuries.
A $550 million tranche of 4.55% 10-year notes sold at 99.738 to yield 4.583% with a spread of 110 bps over Treasuries. The tranche has a make-whole call at Treasuries plus 20 bps.
Both tranches feature a change-of-control put at 101%.
Bookrunners were Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Merrill Lynch.
The notes were sold under Rule 144A.
Proceeds are being used for general corporate purposes.
The issuer is based in Bella Vista, Australia.
| Issuer: | Woolworths Ltd.
|
| Issue: | Notes
|
| Amount: | $850 million
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch
|
| Distribution: | Rule 144A
|
| Change-of-control put: | 101%
|
| Trade date: | April 5
|
| Settlement date: | April 12
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
|
|
| Five-year notes
|
| Amount: | $300 million
|
| Maturity: | April 12, 2016
|
| Coupon: | 3.15%
|
| Price: | 99.917
|
| Yield: | 3.168%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
|
|
| 10-year notes
|
| Amount: | $550 million
|
| Maturity: | April 12, 2021
|
| Coupon: | 4.55%
|
| Price: | 99.738
|
| Yield: | 4.583%
|
| Spread: | Treasuries plus 110 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
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