Chicago, Sept. 8 – GA Global Funding Trust sold a $1.5 billion offering in three parts with all tranches backed by funding agreements on Tuesday, based on details provided by a market source.
All three tranches were sized at $500 million.
The deal contains two series that have a Sept. 13, 2024 maturity date: one part floating and one part fixed.
The floating-rate notes have a coupon based on SOFR plus 50 basis points.
The fixed-rate part priced with a spread of Treasuries plus 45 bps, low to talk in the Treasuries plus 70 bps area.
The longer-dated tranche due Sept. 15, 2028 priced with a Treasuries plus 85 bps spread, lower than talk in the Treasuries plus 110 bps area.
BofA Securities, Inc. Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc. are working as bookrunners.
The issuer is a special purpose statutory trust in Delaware.
| Issuer: | GA Global Funding Trust
|
| Issue: | Funding agreement-backed notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | BofA Securities, Inc. Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc.
|
| Trade date: | Sept. 7
|
|
|
| 2024 floaters
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| Amount: | $500 million
|
| Maturity: | Sept. 13, 2024
|
| Coupon: | SOFR plus 50 bps
|
|
|
| 2024 fixed-rate notes
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| Amount: | $500 million
|
| Maturity: | Sept. 13, 2024
|
| Spread: | Treasuries plus 45 bps
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| Price talk: | Treasuries plus 70 bps area
|
|
|
| 2028 notes
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| Amount: | $500 million
|
| Maturity: | Sept. 15, 2028
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 110 bps area
|
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