FLIR sells $500 million 10-year note; Toyota Motor sells $750 million

By Devika Patel

Knoxville, Tenn., July 20 – Primary activity in the investment-grade bond market was nearly silent on Monday with Prospect News reporting only two tranches of notes pricing.

Wilsonville, Ore.-based FLIR Systems, Inc., a manufacturer of sensors and imaging systems, sold $500 million of 2.5% 10-year notes (Baa3/BBB/BBB) with a spread of Treasuries plus 190 basis points, and Torrance, Calif.-based Toyota Motor Credit Corp., the funding arm of auto manufacturer Toyota, sold $750 million of 0.45% two-year Diversity and Inclusion notes (A1/A+/A+) at a spread of Treasuries plus 33 bps.

FLIR sells notes

FLIR priced $500 million of 2.5% notes due Aug. 1, 2030 with a spread of Treasuries plus 190 bps.

The notes were priced at 99.807 to yield 2.522%.

BofA Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.

Proceeds will be used to redeem all $425 million of the company’s 3.125% senior notes due June 15, 2021 and for general corporate purposes.

Toyota brings notes

Toyota Motor Credit priced $750 million of 0.45% notes due July 22, 2022 at 99.938 and a spread of Treasuries plus 33 bps to yield 0.481%.

Blaylock Van, LLC, CastleOak Securities LP, Citigroup Global Markets Inc., Great Pacific Securities, Samuel A. Ramirez & Co. Inc. and Siebert Williams Shank & Co. LLC were the bookrunners.

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