By Andrea Heisinger
New York, March 28 - Banque PSA Finance sold $1.25 billion of notes (Baa1/BBB/) in four parts late on Monday, said a source who worked on the deal.
A $450 million tranche of three-year floating-rate notes was added when the sale launched. The floaters were priced at par to yield three-month Libor plus 190 basis points.
A $300 million tranche of 3.375% three-year notes sold at 99.898 to yield 3.411% with a spread of Treasuries plus 215 bps.
A $250 million tranche of 4.375% five-year notes priced at 99.76 to yield 4.429% with a spread of 225 bps over Treasuries.
The final part was $250 million of 5.75% 10-year notes priced at 99.32 to yield 5.814%, or 237.5 bps over Treasuries.
The notes were priced under Rule 144A.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Merrill Lynch were the bookrunners.
Proceeds are being used for general corporate purposes.
The unit of PSA Peugeot Citroen Group is based in Paris.
| Issuer: | Banque PSA France
|
| Issue: | Notes
|
| Amount: | $1.25 billion
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch
|
| Distribution: | Rule 144A
|
| Trade date: | March 28
|
| Settlement date: | April 4
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
|
|
| Three-year floaters
|
| Amount: | $450 million
|
| Maturity: | 2014
|
| Coupon: | Three-month Libor plus 190 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 190 bps
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $300 million
|
| Maturity: | 2014
|
| Coupon: | 3.375%
|
| Price: | 99.898
|
| Yield: | 3.411%
|
| Spread: | Treasuries plus 215 bps
|
|
|
| Five-year notes
|
| Amount: | $250 million
|
| Maturity: | 2016
|
| Coupon: | 4.375%
|
| Price: | 99.76
|
| Yield: | 4.429%
|
| Spread: | Treasuries plus 225 bps
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | 2021
|
| Coupon: | 5.75%
|
| Price: | 99.32
|
| Yield: | 5.814%
|
| Spread: | Treasuries plus 237.5 bps
|
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