By William Gullotti and Cristal Cody
Buffalo, N.Y., May 11 – Foundry JV Holdco LLC priced $1.1 billion of 5.875% senior notes due Jan. 25, 2034 (A3/A-) at 260 basis points over Treasuries on Wednesday, according to information provided by a market source.
Fixed income investor calls and a NetRoadshow were held May 3. According to S&P Global Ratings, the planned offering was for $1 billion of Rule 144A notes.
The notes priced tight to initial talk in the Treasuries plus 275 bps area.
BNP Paribas, BMO, SMBC, TD Bank and Wells Fargo Securities are the bookrunners.
As previously reported and according to Moody’s Investors Service, Foundry will use the proceeds to repay a portion of the unrated $14.25 billion senior secured bank credit facilities as well as for transaction costs.
Foundry JV Holdco is a wholly owned project financing subsidiary of Brookfield Asset Management, established specifically to facilitate a joint venture with Intel Corp. under the company name Arizona Fab LLC.
| Issuer: | Foundry JV Holdco LLC
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| Amount: | $1.1 billion
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| Issue: | Senior notes
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| Maturity: | Jan. 25, 2034
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| Bookrunners: | BNP Paribas, BMO, SMBC, TD Bank and Wells Fargo Securities
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| Coupon: | 5.875%
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| Spread: | Treasuries plus 260 bps
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| Trade date: | May 10
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| Ratings: | Moody’s: A3
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| S&P: A-
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| Distribution: | Rule 144A and Regulation S
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