By Rebecca Melvin
New York, Jan. 11 – Nemak SAB de CV priced $500 million seven-year notes (expected ratings: Ba1/BB+/BB+) on Thursday at par to yield 4¾%, according to a market source.
Pricing came at the tight end of guidance, which was for a yield in the 4 7/8% area, plus or minus 12.5 basis points.
JPMorgan, BNP Paribas and Morgan Stanley were the bookrunners for the Rule 144A and Regulation S deal.
The notes are non-callable for three years.
Proceeds are earmarked to refinance the company’s existing $500 million 5½% notes due 2023.
Nemak is a global automotive parts manufacturing company based in Garcia, Greater Monterrey, Mexico.
| Issuer: | Nemak SAB de CV
|
| Amount: | $500 million
|
| Maturity: | Jan. 23, 2025
|
| Description: | Senior notes
|
| Bookrunners: | JPMorgan, BNP Paribas, Morgan Stanley
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Call options: | Non-callable for three years
|
| Trade date: | Jan. 11
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody’s: Ba1
|
| S&P: BB+
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Guided to 4 7/8% area, plus or minus 12.5 bps
|
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