By Paul A. Harris
Portland, Ore., April 5 – CNH Industrial Capital LLC priced a $500 million issue of five-year senior bullet notes at par to yield 4 3/8% on Wednesday, according to syndicate sources.
The deal was announced at benchmark size and was talked to yield in the 4 3/8% area on Wednesday morning.
BofA Merrill Lynch, BNP Paribas Securities Corp. and Goldman Sachs & Co. were the active joint bookrunners for the public offering. MUFG and UniCredit were the passive joint bookrunners.
The Racine, Wis.-based financial services company plans to use the proceeds for working capital and other general corporate purposes.
| Issuer: | CNH Industrial Capital LLC
|
| Amount: | $500 million
|
| Maturity: | April 5, 2022
|
| Securities: | Senior notes
|
| Active bookrunners: | BofA Merrill Lynch, BNP Paribas Securities Corp., Goldman Sachs & Co.
|
| Passive bookrunners: | MUFG, UniCredit
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Spread: | 250 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps, otherwise non-callable
|
| Trade date: | April 5
|
| Settlement date: | April 10
|
| Distribution: | SEC registered
|
| Price talk: | 4 3/8% area
|
| Marketing: | Quick to market
|
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