By Andrea Heisinger
New York, May 24 - GATX Corp. sold $250 million of 4.85% 10-year senior notes on Tuesday to yield Treasuries plus 175 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB) were priced at 99.835.
They have a make-whole call at 30 bps over Treasuries and feature a change-of-control put at 101.
Bank of America Merrill Lynch and Citigroup Global Markets Inc. were the bookrunners. The lead manager was Morgan Stanley & Co., Inc.
BMO Capital Markets, KeyBanc Capital Markets Corp., Loop Capital Markets, Mizuho Securities, Williams Capital Group, LP and U.S. Bancorp Investments Inc. were co-managers.
Proceeds are being used to repay commercial paper maturing within three days, to repay some or all of the company's $181.765 million outstanding 6.273% notes due June 15, and for general corporate purposes including working capital and capital expenditures.
The transportation leasing service is based in Chicago.
| Issuer: | GATX Corp.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | June 1, 2021
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc.
|
| Lead manager: | Morgan Stanley & Co., Inc.
|
| Co-managers: | BMO Capital Markets, KeyBanc Capital Markets Corp., Loop Capital Markets, Mizuho Securities, Williams Capital Group, LP, U.S. Bancorp Investments Inc.
|
| Coupon: | 4.85%
|
| Price: | 99.835
|
| Spread: | Treasuries plus 175 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Change-of-control put: | 101
|
| Trade date: | May 24
|
| Settlement date: | May 27
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
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