By Cristal Cody
Chicago, May 5 – Highmark Inc. sold $800 million of notes in a two-part offering (A-) on Wednesday, according to a market source.
The company sold equal-sized $400 million tranches.
A first tranche with a five-year tenor priced with a 1.45% coupon for a spread of 68 basis points above Treasuries. The notes were talked in the Treasuries plus 85 bps area.
The longer-dated tranche with a 10-year tenor sold with a 2.55% coupon for a spread of Treasuries plus 98 bps, lower than Treasuries plus 125 bps area price talk.
BofA Securities Inc., Citigroup Global Markets Inc., Loop Capital Markets LLC and PNC Capital Markets LLC are the bookrunners.
Highmark is a non-profit health care company based in Pittsburgh.
| Issuer: | Highmark Inc.
|
| Issue: | Notes
|
| Amount: | $800 million
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., Loop Capital Markets LLC and PNC Capital Markets LLC
|
| Trade date: | May 5
|
| Ratings: | S&P: A-
|
|
|
| Five-year notes
|
| Amount: | $400 million
|
| Maturity: | May 10, 2026
|
| Coupon: | 1.45%
|
| Spread: | Treasuries plus 68 bps
|
| Price talk: | Treasuries plus 85 bps area
|
|
|
| 10-year notes
|
| Amount: | $400 million
|
| Maturity: | May 10, 2031
|
| Coupon: | 2.55%
|
| Spread: | Treasuries plus 98 bps
|
| Price talk: | Treasuries plus 125 bps area
|
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