Investment-grade volume thins; T-Mobile, Vereit, Ford in primary

By Cristal Cody

Tupelo, Miss., June 18 – High-grade supply slowed on Thursday after heavy issuance brought to the primary market in the previous two sessions.

T-Mobile U.S. Inc. subsidiary T-Mobile USA, Inc. offered a Rule 144A and Regulation S three-part deal of dollar-denominated senior secured notes (Baa3/BBB-/BBB-) on Thursday.

T-Mobile’s Rule 144A and Regulation S senior secured offering includes long five-year notes talked to price in the Treasuries plus 140 basis points area, long seven-year notes talked at the 180 bps spread area and long 10-year notes talked to price in the 215 bps over Treasuries area.

Vereit Operating Partnership LP priced $600 million of guaranteed senior notes due Jan. 15, 2028 (Baa3/BBB-/BBB) in a deal upsized from $500 million and priced 50 bps tighter than talk.

Also, Ford Foundation offered a $1 billion two-tranche offering of long-dated taxable social bonds (Aaa/AAA/) on Thursday.

In other supply on Thursday, PG&E Corp. sold $2 billion of notes in two tranches in the high yield portion of its debt offerings as part of its reorganization funding from Chapter 11 bankruptcy.

Subsidiary Pacific Gas and Electric Co. priced an upsized $8,925,000,000 offering of first mortgage bonds (Baa3/BBB-/BBB-) in six tranches on Tuesday in the investment-grade portion.

© 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.