By Cristal Cody
Chicago, March 19 – Cimic Group Ltd. via financing issuer Cimic Finance (USA) Pty. Ltd. priced $650 million of 7% 10-year notes (Baa3/BBB-) on Monday, according to a market source.
The notes priced at Treasuries plus 275 basis points after initial talk had them coming in the 312.5 bps area.
HSBC, JPMorgan and SMBC Nikko are bookrunners for the Rule 144A and Regulation S offering.
The proceeds will be used for general corporate purposes, mainly reducing debt, according to Moody’s Ratings.
Cimic is a construction engineering company based in North Sydney, Australia.
| Issuer: | Cimic Finance (USA) Pty. Ltd.
|
| Amount: | $650 million
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| Issue: | Notes
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| Maturity: | March 25, 2034
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| Bookrunners: | HSBC, JPMorgan and SMBC Nikko
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| Coupon: | 7%
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| Spread: | Treasuries plus 275 bps
|
| Trade date: | March 18
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
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| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 312.5 bps area
|
| Marketing: | Roadshow
|
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