By Sheri Kasprzak
New York, Sept. 13 - BorgWarner Inc. sold $250 million 4.625% 10-year senior notes at 98.991 to yield 200 basis points over Treasuries, according to a final term sheet filed Monday with the Securities and Exchange Commission.
The notes, which mature Sept. 15, 2020, were priced to yield 4.753%.
The notes feature a make-whole call at Treasuries plus 30 bps.
Morgan Stanley & Co. Inc. was the bookrunner for the offering.
Senior co-managers were Bank of America Merrill Lynch and Deutsche Bank Securities Inc. The co-managers were Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
Proceeds from the notes (Baa1/BBB/BBB) will be used for general corporate purposes.
Based in Auburn Hills, Mich., BorgWarner manufactures automotive components, particularly those used in powertrain applications.
Issuer: | BorgWarner Inc.
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Issue: | Senior notes
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Amount: | $250 million
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Maturity: | Sept. 15, 2020
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Bookrunner: | Morgan Stanley & Co. Inc.
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Senior co-managers: | Bank of America Merrill Lynch, Deutsche Bank Securities Inc.
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Co-managers: | Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
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Coupon: | 4.625%
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Price: | 98.991
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Yield: | 4.753%
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Spread: | 200 bps over Treasuries
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Call: | Make-whole call at Treasuries plus 30 bps
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Pricing date: | Sept. 13
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Settlement date: | Sept. 16
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Ratings: | Moody's: Baa1
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| Standard & Poor's: BBB
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| Fitch: BBB
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