By Andrea Heisinger
New York, Jan. 15 - Emerson Electric Co. priced an upsized $500 million 4.875% 10-year notes Thursday to yield Treasuries plus 270 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The size was increased from a planned $300 million, the source said.
The notes (A2/A/) priced at 99.619 to yield 4.922%. They have a make-whole call of Treasuries plus 40 bps.
The notes feature a change-of-control put of 101%.
Bookrunners were Banc of America Securities LLC and J.P. Morgan Securities Inc.
Co-managers were Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. Inc. and RBC Capital Markets Corp.
Proceeds will be used for general corporate purposes and to repay a portion of commercial paper borrowings.
The global manufacturing and electronics company is based in St. Louis.
| Issuer: | Emerson Electric Co.
|
| Issue: | Notes
|
| Amount: | $500 million, upsized from $300 million
|
| Maturity: | Oct. 15, 2019
|
| Bookrunners: | Banc of America Securities LLC, J.P. Morgan Securities Inc.
|
| Co-managers: | Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., RBC Capital Markets Corp.
|
| Coupon: | 4.875%
|
| Price: | 99.619
|
| Yield: | 4.922%
|
| Spread: | Treasuries plus 270 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 15
|
| Settlement date: | Jan. 21
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
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