Published on 4/30/2019 in the Prospect News Investment Grade Daily.
New Issue: Ford Motor Credit prices $1.25 billion of 5.113% notes due 2029 at 260 bps spread
By Cristal Cody
Tupelo, Miss., April 30 – Ford Motor Credit Co. LLC sold $1.25 billion of 5.113% 10-year notes (Baa2/BBB/BBB) at par to yield a spread of Treasuries plus 260 basis points on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
Barclays, BofA Merrill Lynch, Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, BofA Merrill Lynch, RBC Capital Markets, LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and SG Americas Securities LLC were the bookrunners.
Proceeds will be used to purchase receivables, for loans and for debt retirement.
Ford Motor Credit is the financing arm of Dearborn, Mich.-based automaker Ford Motor Co.
Issuer: | Ford Motor Credit Co. LLC
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Amount: | $1.25 billion
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Description: | Notes
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Maturity: | May 3, 2029
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Bookrunners: | Barclays, BofA Merrill Lynch, Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, BofA Merrill Lynch, RBC Capital Markets, LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and SG Americas Securities LLC
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Co-managers: | BB Securities Ltd. and Lloyds Securities Inc.
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Coupon: | 5.113%
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Price: | Par
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Yield: | 5.113%
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Spread: | Treasuries plus 260 bps
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Call feature: | On or after Feb. 3, 2029 at par
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Trade date: | April 30
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Settlement date: | May 3
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Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB
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Distribution: | SEC registered
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