By Andrea Heisinger
New York, Feb. 2 - GATX Corp. sold $250 million of 4.75% five-year senior unsecured notes on Tuesday to yield 255 basis points over Treasuries, a market source away from the deal said.
The notes (Baa1/BBB+/) priced at 99.208 to yield 4.917%.
The notes have a make-whole call at Treasuries plus 40 bps and feature a change-of-control put of 101%.
Bank of America Merrill Lynch and Citigroup Global Markets Inc. ran the books.
Co-managers were Bank of New York Mellon Capital Markets, KeyBanc Capital Markets Inc., Mizuho Securities USA Inc., Williams Capital Group LP and U.S. Bancorp Investments.
Proceeds will be used to repay commercial paper, to repay $230 million of 5.125% senior notes due on April 15, to redeem or settle on the conversion of some or all of $42 million in 5% senior convertibles due in 2023 that were called for redemption on Jan. 29, and for general corporate purposes.
The rail and transportation company is based in Chicago.
| Issuer: | GATX Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $250 million
|
| Maturity: | May 15, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc.
|
| Co-managers: | Bank of New York Mellon Capital Markets, KeyBanc Capital Markets Inc., Mizuho Securities USA Inc., Williams Capital Group LP, U.S. Bancorp Investments
|
| Coupon: | 4.75%
|
| Price: | 99.208
|
| Yield: | 4.917%
|
| Spread: | Treasuries plus 255 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 2
|
| Settlement date: | Feb. 5
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
© 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.
