By Cristal Cody
Tupelo, Miss., May 8 – Paccar Financial Corp. offered further details about a $550 million sale of medium-term notes that priced in two tranches on Monday, according to an FWP filed with the Securities and Exchange Commission.
The issuer sold $250 million of three-year floating-rate notes at Libor plus 26 basis points with an issue price of par.
It also priced $300 million of 3.1% three-year fixed-rate notes at a spread of 48 bps over Treasuries. These notes priced at 99.974 to yield 3.109%.
BofA Merrill Lynch, BNP Paribas Securities Corp., MUFG, U.S. Bancorp Investments Inc., ANZ Securities, Inc., Scotia Capital (USA) Inc. and Westpac Capital Markets LLC were the bookrunners.
Paccar Financial is a financing arm of Bellevue, Wash.-based Paccar Inc.
| Issuer: | Paccar Financial Corp.
|
| Amount: | $550 million
|
| Description: | Medium-term notes
|
| Call: | Non-callable
|
| Bookrunners: | BofA Merrill Lynch, BNP Paribas Securities Corp., MUFG, U.S. Bancorp Investments Inc., ANZ Securities, Inc., Scotia Capital (USA) Inc. and Westpac Capital Markets LLC
|
| Trade date: | May 7
|
| Settlement date: | May 10
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
|
|
| Three-year floaters
|
| Amount: | $250 million
|
| Description: | Floating-rate notes
|
| Maturity: | May 10, 2021
|
| Coupon: | Libor plus 26 bps
|
| Price: | Par
|
|
|
| Three-year notes
|
| Amount: | $300 million
|
| Description: | Fixed-rate notes
|
| Maturity: | May 10, 2021
|
| Coupon: | 3.1%
|
| Price: | 99.974
|
| Yield: | 3.109%
|
| Spread: | Treasuries plus 48 bps
|
|
|
|
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