By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, March 27 – Mercedes-Benz Finance NA priced $3 billion of bonds over four tranches on Monday, according to information from a market source.
The company sold $300 million of two-year floating-rate notes with a coupon of SOFR plus 93 basis points.
Mercedes-Benz sold $700 million of 4.95% two-year fixed-rate notes at Treasuries plus 95 bps against talk in the 120 bps area.
The third tranche priced as $1 billion of 4.8% three-year notes with a 105 bps spread over Treasuries, versus talk in the 130 bps area.
The final tranche priced as $1 billion of 4.8% five-year notes with a 123 bps spread to Treasuries after initial talk in the 150 bps area.
Barclays, BBVA, Citi, Credit Agricole CIB and Standard Chartered Bank are the bookrunners.
The issuer provides finance, lease and insurance services for the dealers and customers of Mercedes-Benz cars and vans.
| Issuer: | Mercedes-Benz Finance NA
|
| Amount: | $3 billion
|
| Issue: | Bonds
|
| Bookrunners: | Barclays, BBVA, Citi, Credit Agricole CIB and Standard Chartered Bank
|
| Trade date: | March 27
|
|
|
| Two-year floaters
|
| Amount: | $300 million
|
| Maturity: | March 30, 2025
|
| Coupon: | SOFR plus 93 bps
|
|
|
| Two-year notes
|
| Amount: | $700 million
|
| Maturity: | March 30, 2025
|
| Coupon: | 4.95%
|
| Spread: | Treasuries plus 95 bps
|
| Price talk: | Treasuries plus 120 bps area
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | March 30, 2026
|
| Coupon: | 4.8%
|
| Spread: | Treasuries plus 105 bps
|
| Price talk: | Treasuries plus 130 bps area
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | March 30, 2028
|
| Coupon: | 4.8%
|
| Spread: | Treasuries plus 123 bps
|
| Price talk: | Treasuries plus 150 bps area
|
|
|
© 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.
