New Issue: United Parcel Service prices C$750 million 2.125% notes due 2024 at 87 bps spread

By Cristal Cody

Tupelo, Miss., May 15 – United Parcel Service, Inc. sold C$750 million of 2.125% seven-year senior notes (A1/A+) on Monday at a spread of 87 basis points over the Government of Canada bond curve, according to an FWP filed with the Securities and Exchange Commission.

The notes priced at 99.812 to yield 2.154%.

BofA Merrill Lynch, HSBC Securities (USA) Inc. and TD Securities (USA) LLC were the bookrunners.

Proceeds will be used for general corporate purposes, including to repay commercial paper.

The package delivery and supply chain management company is based in Atlanta.

Issuer:	United Parcel Service, Inc.
Amount:	C$750 million
Description:	Senior notes
Maturity:	May 21, 2024
Bookrunners:	BofA Merrill Lynch, HSBC Securities (USA) Inc. and TD Securities (USA)
Co-managers:	Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities Canada Inc., Morgan Stanley, Societe Generale, UBS Investment Bank and Wells Fargo Securities, LLC
Coupon:	2.125%
Price:	99.812
Yield:	2.154%
Spread:	87 bps over Government of Canada bond curve
Call feature:	Before March 21, 2024 at Government of Canada curve plus 21.5 bps; thereafter at par
Trade date:	May 15
Settlement date:	May 18
Ratings:	Moody’s: A1
	S&P: A+
Distribution:	SEC registered, Canada private placement

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