By Cristal Cody
Tupelo, Miss., May 14 – Honeywell International Inc. priced $3 billion of senior notes (A2/A/A) in three tranches on Thursday, according to a market source and an FWP filing with the Securities and Exchange Commission.
A $1.25 billion tranche of 1.35% five-year notes priced at 99.99 to yield 1.352%, or a Treasuries plus 105 basis points spread.
The five-year notes were talked to print in the Treasuries plus 140 bps area.
The company sold $1 billion of 1.95% 10-year notes at 99.891 to yield 1.962% and a 135 bps spread over Treasuries.
Initial price talk was in the 165 bps spread area.
A $750 million offering of 2.8% 30-year notes priced at 99.275 to yield 2.836% and a Treasuries plus 155 bps spread.
The 30-year notes were guided at the 190 bps over Treasuries area.
BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC Deutsche Bank Securities, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
Honeywell is a technology and manufacturing company based in Morristown, N.J.
| Issuer: | Honeywell International Inc.
|
| Amount: | $3 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC Deutsche Bank Securities, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc.
|
| Senior co-managers: | BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Santander Investment Securities Inc., TD Securities (USA) LLC, UniCredit Capital Markets LLC and SG Americas Securities, LLC
|
| Co-managers: | U.S. Bancorp Investments, Inc. and Credit Agricole Securities (USA) Inc.
|
| Trade date: | May 14
|
| Settlement date: | May 18
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | June 1, 2025
|
| Coupon: | 1.35%
|
| Price: | 99.99
|
| Yield: | 1.352%
|
| Spread: | Treasuries plus 105 bps
|
| Call features: | Make-whole call before May 1, 2025 at Treasuries plus 20 bps; thereafter at par
|
| Price guidance: | Treasuries plus 140 bps area
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | June 1, 2030
|
| Coupon: | 1.95%
|
| Price: | 99.891
|
| Yield: | 1.962%
|
| Spread: | Treasuries plus 135 bps
|
| Call features: | Make-whole call before March 1, 2030 at Treasuries plus 25 bps; thereafter at par
|
| Price guidance: | Treasuries plus 165 bps area
|
|
|
| 30-year notes
|
| Amount: | $750 million
|
| Maturity: | June 1, 2050
|
| Coupon: | 2.8%
|
| Price: | 99.275
|
| Yield: | 2.836%
|
| Spread: | Treasuries plus 155 bps
|
| Call features: | Make-whole call before Dec. 1, 2049 at Treasuries plus 25 bps; thereafter at par
|
| Price guidance: | Treasuries plus 190 bps area
|
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