By Cristal Cody
Tupelo, Miss., Sept. 18 – Expedia Inc. (Ba1/BBB-/BBB-) priced $1 billion of long 3.8% 10-year split-rated senior notes on Monday in a Rule 144A and Regulation S offering at a spread of Treasuries plus 160 basis points, according to a market source.
The notes due Feb. 15, 2028 priced on the tight side of talk in the 165 bps area over Treasuries and better than initial guidance given in the Treasuries plus 180 bps area.
BofA Merrill Lynch, Goldman Sachs & Co. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds from the deal will be used for general corporate purposes.
Expedia is a Bellevue, Wash.-based online travel company.
| Issuer: | Expedia Inc.
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Maturity: | Feb. 15, 2028
|
| Bookrunners: | BofA Merrill Lynch, Goldman Sachs & Co. and J.P. Morgan Securities LLC
|
| Coupon: | 3.8%
|
| Spread: | Treasuries plus 160 bps
|
| Trade date: | Sept. 18
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A, Regulation S, private
|
| Price talk: | Treasuries plus 165 bps area
|
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