By Cristal Cody
Tupelo, Miss., Sept. 29 – Pernod Ricard International Finance LLC priced $2 billion of guaranteed senior notes (Baa1/BBB+/BBB+) in three tranches, according to a market source and news release on Tuesday.
The company sold $600 million of 1.25% notes due April 1, 2028 with a 1.307% yield and a spread of Treasuries plus 85 basis points.
The notes were talked to price in the 110 bps over Treasuries area.
A $900 million tranche of 1.625% notes due April 1, 2031 priced with a Treasuries plus 105 bps spread, compared to initial talk in the 130 bps area. The yield is 1.713%.
Pernod Ricard sold $500 million of 2.75% 30-year notes to yield 2.88% and a 145 bps over Treasuries spread.
Initial price talk was in the 175 bps spread area.
BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC were the bookrunners.
The notes are guaranteed by parent company Pernod Ricard SA.
Proceeds will be used for general corporate purposes.
Pernod Ricard International Finance is a financing arm of Paris-based wine and spirits producer Pernod Ricard.
| Issuer: | Pernod Ricard International Finance LLC
|
| Guarantor: | Pernod Ricard SA
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| Amount: | $2 billion
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| Description: | Senior notes
|
| Bookrunners: | BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC
|
| Trade date: | Sept. 28
|
| Settlement date: | Oct. 1
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
|
|
| Notes due 2028
|
| Amount: | $600 million
|
| Maturity: | April 1, 2028
|
| Coupon: | 1.25%
|
| Yield: | 1.307%
|
| Spread: | Treasuries plus 85 bps
|
| Price guidance: | Treasuries plus 110 bps area
|
|
|
| Notes due 2031
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| Amount: | $900 million
|
| Maturity: | April 1, 2031
|
| Coupon: | 1.625%
|
| Yield: | 1.713%
|
| Spread: | Treasuries plus 105 bps
|
| Price guidance: | Treasuries plus 130 bps area
|
|
|
| 30-year notes
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| Amount: | $500 million
|
| Maturity: | Oct. 1, 2050
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| Coupon: | 2.75%
|
| Yield: | 2.88%
|
| Spread: | Treasuries plus 145 bps
|
| Price guidance: | Treasuries plus 175 bps area
|
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