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Analog Devices prints $2.1 billion; Toyota Motor Credit sells floaters; Time Warner firms
By Cristal Cody
Eureka Springs, Ark., Nov. 30 – Primary action on Wednesday included two new bond deals in the high-grade market.
Analog Devices, Inc. priced $2.1 billion of senior notes in four tranches.
The issue included $400 million of 2.5% five-year notes priced with a spread of 75 basis points over Treasuries, $550 million of 3.125% seven-year notes priced at a 100 bps spread over Treasuries, $900 million of 3.5% 10-year notes priced with a spread of 120 bps plus Treasuries and $250 million of 4.5% 30-year notes priced at a spread of Treasuries plus 150 bps.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, and MUFG were the bookrunners.
Proceeds will be used for a portion of the cash consideration for the company’s planned merger with Linear Technology Corp. and for general corporate purposes.
Toyota Motor Credit Corp. priced $1.5 billion of one-year floating-rate notes during the session.
The Markit CDX North American Investment Grade index tightened 1 bp on Wednesday to close at a spread of 73 bps.
In the secondary market, Time Warner Inc.’s 3.8% notes due Feb. 15, 2027 traded about 5 bps tighter at 150 bps bid, a source said early Wednesday.
Time Warner sold $1.5 billion of the notes on Tuesday at a spread of 155 bps over Treasuries.
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