By Andrea Heisinger
New York, Dec. 8 - Goodrich Corp. priced $300 million of 4.875% senior notes due 2020 on Tuesday to yield 153 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced tighter than talk that was in the "mid-to-high 160s [bps]," an informed source said. The books were "very oversubscribed," he added.
The notes (Baa2/BBB+/BBB+) priced at 99.759 to yield 4.903%.
There is a make-whole call at Treasuries plus 25 bps and a change-of-control put of 101%.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Calyon Securities ran the books.
Co-managers were Bank of America Merrill Lynch, BNY Mellon Capital Markets LLC, Credit Suisse Securities, J.P. Morgan Securities Inc., RBS Securities Inc., UBS Securities LLC and Wells Fargo Securities
Proceeds will be used to fund the purchase price for the acquisition of AIS Global Holdings LLC and for general corporate purposes.
The aerospace manufacturing company is based in Charlotte, N.C.
| Issuer: | Goodrich Corp.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | March 1, 2020
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Calyon Securities
|
| Co-managers: | Bank of America Merrill Lynch, BNY Mellon Capital Markets LLC, Credit Suisse Securities, J.P. Morgan Securities Inc., RBS Securities Inc., UBS Securities LLC, Wells Fargo Securities
|
| Coupon: | 4.875%
|
| Price: | 99.759
|
| Yield: | 4.903%
|
| Spread: | Treasuries plus 153 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Price talk: | Mid-to-high 160 bps area
|
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