By Andrea Heisinger
New York, May 3 - ABB Finance (USA) Inc. sold $1.5 billion of notes in three tranches on Thursday, a market source said.
The size of the trade was increased from the $1.5 billion announced in a filing with the Securities and Exchange Commission in the morning.
Full terms were not available at press time.
The $500 million of 1.625% five-year notes sold at a spread of 95 basis points over Treasuries.
A $1.25 billion tranche of 2.875% 10-year paper priced at Treasuries plus 120 bps.
There was a final $750 million tranche of 4.375% 30-year bonds sold at a spread of Treasuries plus 145 bps.
Bookrunners were Bank of America Merrill Lynch, Goldman Sachs & Co. and Morgan Stanley & Co. LLC.
Proceeds will be used for general corporate purposes, including funding a portion of the proposed acquisition of Thomas & Betts Corp.
The notes are guaranteed by Zurich-based ABB Ltd.
The unit of the power and automation technology company is based in Norwalk, Conn.
| Issuer: | ABB Finance (USA) Inc.
|
| Guarantor: | ABB Ltd.
|
| Issue: | Notes
|
| Amount: | $2.5 billion, increased from $1.5 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Trade date: | May 3
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | 2017
|
| Coupon: | 1.625%
|
| Spread: | Treasuries plus 95 bps
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | 2022
|
| Coupon: | 2.875%
|
| Spread: | Treasuries plus 120 bps
|
|
|
| 30-year bonds
|
| Amount: | $750 million
|
| Maturity: | 2042
|
| Coupon: | 4.375%
|
| Spread: | Treasuries plus 145 bps
|
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