By William Gullotti
Buffalo, N.Y., April 18 – Ford Otomotiv (Ford Otosan), sold $500 million of 7 1/8% bonds due 2029 (BB-) at par, according to a stabilization notice on Thursday.
As previously reported, the company conducted a series of investor meetings in the United Kingdom and the United States that started on April 15.
BNP Paribas, Citigroup Global Markets Ltd., HSBC Bank plc and Societe Generale are the bookrunners for the Regulation S and Rule 144A offering, with Societe Generale CIB acting as stabilization manager and filing party.
The notice indicated that the stabilization manager may over-allot the securities during the stabilization period, which started April 18 and will end no later than May 25.
Additional relevant details, such as the over-allotment terms and listing date, were not included in the notice.
According to S&P Global Ratings, proceeds will be used for general corporate purposes, including funding capital expenditures and repaying short-term debt.
Ford Otosan is an Istanbul-based automotive manufacturing company and a licensed manufacturer of Ford Motor Co.
| Issuer: | Ford Otomotiv
|
| Issue: | Bonds
|
| Amount: | $500 million
|
| Maturity: | April 25, 2029
|
| Bookrunners: | BNP Paribas, Citigroup Global Markets Ltd., HSBC Bank plc and Societe Generale
|
| Stabilization manager: | Societe Generale CIB
|
| Coupon: | 7 1/8%
|
| Price: | Par
|
| Yield: | 7 1/8%
|
| Pricing date: | April 18
|
| Rating: | S&P: BB-
|
| Distribution: | Regulation S, Rule 144A
|
|
|
© 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.
