By Ronda Fears
Nashville, Tenn., Jan. 29 - GATX Corp. sold $150 million of five-year non-callable convertible senior notes at par to yield 7.50% and with a 16% initial conversion premium. The Rule 144A issue sold at the revised yield guidance, which had been tightened from original price talk of 8.0% to 8.5%, and at the rich end of premium guidance of 12% to 16%.
JPMorgan and Salomon Smith Barney were joint book-running lead managers of the Rule 144A deal.
Chicago-based GATX, a specialty finance and leasing firm, said proceeds would be used to repay debt and for general corporate purposes.
Terms of the new deal are:
Issuer: GATX Corp.
Amount: $150 million
Book-Runner: JPMorgan and Salomon Smith Barney
Maturity Date: Feb. 1, 2007
Yield: 7.5%
Issue Price: par
Yield: 7.5%
Conversion Premium: 16%
Conversion Price: $34.09
Conversion Ratio: 29.3341
Call: non-callable
Rating(s): Moody's: Ba1
| Standard & Poor's: BBB+
|
| Settlement Date: | Feb. 1
|
|
|
|
|
© 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.
