By Cristal Cody
Tupelo, Miss., April 25 – Omers Finance Trust priced $1.25 billion of 2.5% five-year medium-term notes on Thursday at a spread of mid-swaps plus 26 basis points, or Treasuries plus 29.6 bps, according to a market source.
Price guidance was in the mid-swaps plus 27 bps area with initial price talk in the mid-swaps plus high 20 bps area.
BofA Merrill Lynch, HSBC Securities (USA) Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC were the lead managers of the Rule 144A and Regulation S offering.
The issuer’s debt is guaranteed by Omers Administration Corp. (Aa1/AA+/AAA).
Proceeds will be used for investment purposes and to repay commercial paper.
Omers Finance is a Toronto-based financing arm of the Ontario Municipal Employees Retirement System.
| Issuer: | Omers Finance Trust
|
| Guarantor: | Omers Administration Corp.
|
| Amount: | $1.25 billion
|
| Maturity: | May 2, 2024
|
| Description: | Medium-term notes
|
| Bookrunners: | BofA Merrill Lynch, HSBC Securities (USA) Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC
|
| Coupon: | 2.5%
|
| Spread: | Mid-swaps plus 26 bps, or Treasuries plus 29.6 bps
|
| Trade date: | April 25
|
| Ratings: | Moody’s: Aa1
|
| S&P: AA+
|
| Fitch: AAA
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Fixed income investor calls
|
| Price guidance: | Mid-swaps plus 27 bps area; initial price talk at mid-swaps plus high 20 bps area
|
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