By Christine Van Dusen
Atlanta, June 9 – Brazil’s Embraer SA released details on the upsized $1 billion issue of 5.05% notes due in 2025 (Baa3/BBB/) that priced Monday at 99.682 to yield 5.091%, or Treasuries plus 270 basis points, a market source said.
The notes, which were originally expected to total $500 million to $750 million, were talked at a spread in the 300 bps area before guidance was narrowed to the 275 bps area.
Citigroup and Morgan Stanley were the bookrunners for the Securities and Exchange Commission-registered deal.
The proceeds from the bonds, issued through Embraer Netherlands Finance BV, will be used for general corporate purposes.
Embraer is an aircraft manufacturer based in Sao Jose dos Campos, Brazil.
| Issuer: | Embraer Netherlands Finance BV
|
| Amount: | $1 billion
|
| Maturity: | June 15, 2025
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup, Morgan Stanley
|
| Coupon: | 5.05%
|
| Price: | 99.682
|
| Yield: | 5.091%
|
| Spread: | Treasuries plus 270 bps
|
| Call options: | Make-whole call at Treasuries plus 40 bps
|
| Trade date: | June 8
|
| Settlement date: | June 15
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 275 bps area, tightened from 300 bps area
|
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