Published on 4/9/2024 in the Prospect News Investment Grade Daily.
New Issue: TD Synnex sells $600 million 6.1% 10-year notes at 175 bps spread
By Wendy Van Sickle
Columbus, Ohio, April 9 – TD Synnex Corp. sold $600 million of 6.1% 10-year notes (Baa3/BBB-/BBB-) at Treasuries plus 175 basis points on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.896 to yield 6.114%.
BofA Securities, Inc., Citigroup Global Markets Inc., Scotia Capital (USA) Inc, Wells Fargo Securities, LLC, HSBC Securities (USA) Inc. and Mizuho Securities USA LLC are the bookrunners.
TD Synnex will use the proceeds from the sale of the notes, together with other available funds, to repay on or before maturity its outstanding $700 million of 1.25% senior notes due Aug. 9, 2024 and for general corporate purposes.
TD Synnex is an IT distribution company based in both Clearwater, Fla., and Fremont, Calif. It was previously Synnex Corp. before it merged with Tech Data.
| Issuer: | TD Synnex Corp.
|
| Amount: | $600 million
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| Issue: | Senior notes
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| Maturity: | April 12, 2034
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| Joint bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Scotia Capital (USA) Inc, Wells Fargo Securities, LLC, HSBC Securities (USA) Inc. and Mizuho Securities USA LLC
|
| Co-managers: | BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, Goldman Sachs & Co. LLC, Huntington Securities, Inc., UniCredit Capital Markets LLC and U.S. Bancorp Investments, Inc.
|
| Trustee: | Citibank, NA
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| Counsel to issuer: | Pillsbury Winthrop Shaw Pittman LLP
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| Counsel to underwriters: | Davis Polk & Wardwell LLP
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| Coupon: | 6.1%
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| Price: | 99.896
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| Yield: | 6.114%
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| Spread: | Treasuries plus 175 bps
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| Call: | Make-whole call at Treasuries plus 30 bps until Jan. 12, 2034, then a par call
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| Trade date: | April 9
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| Settlement date: | April 12
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| Ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| Cusip: | 87162WAL4
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