Fortive returns for more; Scotiabank, Lloyds Bank price; Under Armour firms; CDX eases

By Cristal Cody

Eureka Springs, Ark., June 9 – In the high-grade bond primary market on Thursday, Fortive Corp. priced a $200 million add-on to its 4.3% 30-year senior notes brought to market on Monday.

The Bank of Nova Scotia also sold $1.25 billion of three-year fixed- and floating-rate senior notes on Thursday.

In addition, Lloyds Bank plc sold $200 million of fixed-rate callable senior medium-term notes due June 30, 2028 during the session.

In the secondary market, Under Armour, Inc.’s $600 million offering of 3.25% senior notes due 2026 that priced on Wednesday traded 6 basis points tighter earlier in the day.

Dell, Inc.’s 6.02% senior secured notes due 2026 traded more than 10 bps better than where the bonds were seen on Wednesday.

The Markit CDX North American Investment Grade index closed the day 2 bps weaker at a spread of 75 bps.

Fortive sold a $200 million add-on to its 4.3% 30-year senior notes (Baa1/BBB) on Thursday at 173 bps over Treasuries, according to a market source and a company news release.

The company originally sold $350 million of the notes due June 15, 2046 at 175 bps over Treasuries on Monday. The total outstanding is $550 million.

The bonds were sold in connection with Fortive’s spinoff from Danaher Corp., which will guarantee the notes until the spinoff occurs.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.