By Cristal Cody
Tupelo, Miss., Nov. 2 – GATX Corp. sold $200 million of senior floating-rate notes due Nov. 5, 2021 (Baa2/BBB) on Thursday at par to yield Libor plus 72 basis points, according to an FWP filing with the Securities and Exchange Commission.
Morgan Stanley & Co. LLC was the bookrunner.
Proceeds will be used to repay $200 million of the company’s outstanding floating-rate term loan balance due March 2, 2022, which bears a current effective interest rate of about 2.568%.
On Tuesday, GATX priced $300 million of 3.5% senior notes due March 15, 2028 at 99.521 to yield 3.556%, or a spread of 118 bps over Treasuries. The issue was expected to close on Thursday.
GATX is a transportation leasing company based in Chicago.
| Issuer: | GATX Corp.
|
| Amount: | $200 million
|
| Description: | Senior floating-rate notes
|
| Maturity: | Nov. 5, 2021
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Senior co-managers: | Citigroup Global Markets Inc. and BofA Merrill Lynch
|
| Coupon: | Libor plus 72 bps
|
| Price: | Par
|
| Yield: | Libor plus 72 bps
|
| Call feature: | Non-callable
|
| Trade date: | Nov. 2
|
| Settlement date: | Nov. 6
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
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