By Cristal Cody
Tupelo, Miss., May 24 – Yara International ASA (Baa2/BBB) priced $1 billion of 4.75% 10-year senior notes on Thursday at a spread of 180 basis points over Treasuries, according to a market source and a news release.
The notes priced tighter than initial talk in the Treasuries plus 195 bps area and on the tight side of later guidance in the Treasuries plus 185 bps area, plus or minus 5 bps.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Societe Generale were the lead managers for the Rule 144A and Regulation S deal.
Proceeds will be used for general corporate purposes.
The company held fixed income investor calls on Monday and Tuesday.
Yara said it last issued U.S. dollar-denominated bonds in June 2016 when it priced $500 million of 3.8% notes due June 6, 2026. The company previously sold $500 million of notes due 2019 in 2009 and $500 million of notes due 2014 in December 2004.
The Norwegian chemical company is based in Oslo.
| Issuer: | Yara International ASA
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Maturity: | June 1, 2028
|
| Lead bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Societe Generale
|
| Joint bookrunners: | Barclays, BNP Paribas Securities Corp., Credit Agricole CIB and SMBC Nikko Securities America, Inc.
|
| Coupon: | 4.75%
|
| Spread: | Treasuries plus 180 bps
|
| Trade date: | May 24
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | Treasuries plus 195 bps area, later guided at Treasuries plus 185 bps area
|
| Marketing: | Fixed income investor calls
|
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