By Andrea Heisinger
New York, Oct. 20 - Meccanica Holdings USA Inc. sold an upsized $500 million of 6.25% notes due Jan. 15, 2040 on Tuesday to yield Treasuries plus 210 basis points, a source close to the sale said.
The size was initially $350 million, he said. The sale came tighter than talk that was in the 225 bps area.
The notes (A3/BBB/BBB+) priced at 99.836 to yield 6.263%. They are callable at a make-whole of 35 bps over Treasuries.
The notes were sold via Rule 144A and guaranteed by parent company Finmeccanica SpA.
Bank of America Merrill Lynch, Citigroup Global Markets, Goldman Sachs & Co., J.P. Morgan Securities and Morgan Stanley were the bookrunners.
The unit of diversified industrial group Finmeccanica is based in Rome, Italy.
| Issuer: | Meccanica Holdings USA Inc.
|
| Guarantor: | Finmeccanica SpA
|
| Issue: | Notes
|
| Amount: | $500 million, increased from $350 million
|
| Maturity: | Jan. 15, 2040
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets, Goldman Sachs & Co., J.P. Morgan Securities, Morgan Stanley
|
| Coupon: | 6.25%
|
| Price: | 99.836
|
| Yield: | 6.263%
|
| Spread: | Treasuries plus 210 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Distribution: | Rule 144A
|
| Trade date: | Oct. 20
|
| Settlement date: | Oct. 27
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
| Price talk: | 225 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
