New Issue: Emerson Electric prices $500 million of 2.625% 10-year notes at Treasuries plus 70 bps

By Andrea Heisinger

New York, Feb. 14 - Emerson Electric Co. was in Thursday's market with a $500 million sale of 2.625% 10-year notes (A2/A/) priced to yield Treasuries plus 70 basis points, an informed source said.

Pricing was at 99.565 to yield 2.675%. There is a make-whole call at Treasuries plus 10 bps until Nov. 15, 2022, with a par call after that date.

Active bookrunners were Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC. Passives were Barclays and BNP Paribas Securities Corp.

Proceeds will be used for general corporate purposes including repayment of commercial paper borrowings.

Emerson was last in the U.S. bond market with a $600 million sale in two maturities on Nov. 10, 2009.

The engineering company is based in Ferguson, Mo.

Issuer:	Emerson Electric Co.
Issue:	Notes
Amount:	$500 million
Maturity:	Feb. 15, 2023
Bookrunners:	Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC (active), Barclays, BNP Paribas Securities Corp. (passive)
Co-managers:	BofA Merrill Lynch, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Standard Chartered Bank
Coupon:	2.625%
Price:	99.565
Yield:	2.675%
Spread:	Treasuries plus 70 bps
Call:	Make-whole at Treasuries plus 10 bps to Nov. 15, 2022, par call after
Trade date:	Feb. 14
Settlement date:	Feb. 20
Ratings:	Moody's: A2
	Standard & Poor's: A

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