By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, March 30 – BMW US Capital, LLC priced $2 billion of senior notes in three tranches on Monday, according to a market source.
The deal included two tranches of previously announced fixed-rate notes and an additional floating-rate tranche.
BMW US priced $750 million floaters due April 1, 2024 with a coupon of SOFR plus 53 basis points.
A $750 million tranche of 0.8% notes due April 1, 2024 priced at Treasuries plus 50 bps versus talk in the Treasuries plus 75 bps area.
A $500 million tranche of 2.55% notes due April 1, 2031 priced at Treasuries plus 87.5 bps versus talk in the Treasuries plus 115 bps area.
BNP Paribas Securities Corp., Barclays, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners.
Woodcliff Lake, N.J.-based BMW US Capital is the U.S. financing arm for the BMW German auto manufacturer.
| Issuer: | BMW US Capital, LLC
|
| Issue: | Fixed- and floating-rate senior notes
|
| Amount: | $2 billion
|
| Bookrunners: | BNP Paribas Securities Corp., Barclays, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Pricing date: | March 29
|
|
|
| Three-year floaters
|
| Amount: | $750 million
|
| Maturity: | April 1, 2024
|
| Coupon: | SOFR plus 53 bps
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | April 1, 2024
|
| Coupon: | 0.8%
|
| Spread: | Treasuries plus 50 bps
|
| Talk: | Treasuries plus 75 bps area
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | April 1, 2031
|
| Coupon: | 2.55%
|
| Spread: | Treasuries plus 87.5 bps
|
| Talk: | Treasuries plus 115 bps area
|
|
|
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