By Cristal Cody
Tupelo, Miss., Oct. 27 – Genuine Parts Co. sold $500 million of 1.875% 10-year notes (Baa1/BBB) on Tuesday at 99.069 to yield 1.978%, or a spread of Treasuries plus 120 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were talked to price in the Treasuries plus 150 bps area.
J.P. Morgan Securities LLC, BofA Securities Inc., PNC Capital Markets LLC and Truist Securities Inc. were the bookrunners.
Proceeds will be used to repay debt under the company’s credit facilities.
Atlanta-based Genuine Parts distributes automotive replacement parts.
| Issuer: | Genuine Parts Co.
|
| Amount: | $500 million
|
| Description: | Notes
|
| Maturity: | Nov. 1, 2030
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities Inc., PNC Capital Markets LLC and Truist Securities Inc.
|
| Senior co-managers: | MUFG, Santander Investment Securities Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
|
| Coupon: | 1.875%
|
| Price: | 99.069
|
| Yield: | 1.978%
|
| Spread: | Treasuries plus 120 bps
|
| Call features: | Make-whole call before Aug. 1, 2030 at price equal to greater of par or Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Oct. 27
|
| Settlement date: | Oct. 29
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 150 bps area
|
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