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Lear, DXC Technology price notes; Philip Morris, VMware to sell fixed-rate notes
By Devika Patel
Knoxville, Tenn., Aug. 14 – Monday saw several new primary deals, with Deerfield, Mich.-based manufacturer and distributor of automotive seating and electrical systems Lear Corp. pricing an offering of fixed-rate senior notes due 2027; McLean, Va., digital information technology services and solutions provider DXC Technology Co. selling floating-rate senior notes due 2021; Palo Alto, Calif., virtualization solutions provider VMware, Inc. announcing a three-part sale of fixed-rate senior notes; New York producer of cigarette and tobacco products Philip Morris International Inc. reporting an offering fixed-rate notes in two parts; and New York online brokerage firm E*Trade Financial Corp. in the market with a two-tranche sale of fixed-rate senior notes.
Lear priced a $750 million sale of 3.8% 10-year senior notes (Baa3/BBB-/) on Monday with a spread of Treasuries plus 167 basis points. The notes priced at 99.294 to yield 3.885%.
DXC priced $650 million of four-year floating-rate senior notes (Baa2/BBB/BBB+) at par. Interest accrues at a rate equal to Libor plus 95 bps per annum.
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