New Issue: Ford Motor Credit prices $1.5 billion 5.584% five-year notes at 317 bps spread

By Cristal Cody

Tupelo, Miss., March 13 – Ford Motor Credit Co. LLC sold $1.5 billion of 5.584% five-year notes (Baa2/BBB/BBB) at par to yield a spread of Treasuries plus 317 basis points on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes priced on the tight side of guidance in the Treasuries plus 320 bps area.

A tranche of floating-rate notes was dropped from the final sale.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, SG Americas Securities, LLC, SMBC Nikko Securities Americas, Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities and Morgan Stanley & Co. LLC were the bookrunners.

Ford Motor Credit is the financing arm of Dearborn, Mich.-based automaker Ford Motor Co.

Issuer:	Ford Motor Credit Co. LLC
Amount:	$1.5 billion
Description:	Notes
Maturity:	March 18, 2024
Bookrunners:	Citigroup Global Markets Inc., J.P. Morgan Securities LLC, SG Americas Securities, LLC, SMBC Nikko Securities Americas, Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities and Morgan Stanley & Co. LLC
Co-managers:	Lloyds Securities Inc. and UniCredit Capital Markets LLC
Coupon:	5.584%
Price:	Par
Yield:	5.584%
Spread:	Treasuries plus 317 bps
Call feature:	On or after Feb. 18, 2024 at par
Trade date:	March 13
Settlement date:	March 18
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB
Distribution:	SEC registered
Price guidance:	Treasuries plus 320 bps area, plus or minus 3 bps; initial talk at Treasuries plus 337.5 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.