By Devika Patel
Knoxville, Tenn., Aug. 15 – Western Union Co. priced $350 million of fixed- and floating-rate notes in two tranches, including an add-on to its 3.6% senior notes (Baa2/BBB/BBB+) due March 15, 2022, on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
Western Union sold $250 million of two-year floating-rate notes at par to yield Libor plus 80 basis points.
The company sold $100 million of 3.6% five-year fixed-rate notes at 101.783 to yield 3.17%, or 135 bps over Treasuries. The company sold $400 million of the 3.6% notes on March 8 at 99.859 to yield 3.631%, or 155 bps over Treasuries.
Citigroup Global Markets Inc. and U.S. Bancorp Investments Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
Western Union is an Englewood, Colo.-based money transfer network.
| Issuer: | Western Union Co.
|
| Amount: | $350 million
|
| Description: | Fixed- and floating-rate notes
|
| Bookrunners: | Citigroup Global Markets Inc. and U.S. Bancorp Investments Inc.
|
| Co-managers: | BNY Mellon Capital Markets LLC, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc. and Scotia Capital (USA) Inc.
|
| Trade date: | Aug. 15
|
| Settlement date: | Aug. 22
|
| Distribution: | SEC registered
|
|
|
| Floaters
|
| Amount: | $250 million
|
| Maturity: | May 22, 2019
|
| Coupon: | Libor plus 80 bps
|
| Price: | Par
|
| Yield: | Libor plus 80 bps
|
| Call feature: | Non-callable
|
|
|
| Fixed-rate notes
|
| Amount: | $100 million
|
| Maturity: | March 15, 2022
|
| Coupon: | 3.6%
|
| Price: | 101.783
|
| Yield: | 3.17%
|
| Spread: | Treasuries plus 135 bps
|
| Call feature: | Make-whole call at Treasuries plus 25 bps until Feb. 15, 2022, then a par call
|
| Original issue: | $400 million priced at 99.859 to yield 3.631% with a spread of 155 bps over Treasuries on March 8
|
| Total amount: | $500 million
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB+
|
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