By Aleesia Forni
New York, Feb. 23 – Hubbell Inc. sold an upsized $400 million of 3.35% 10-year senior notes (A3/A/A) on Tuesday at Treasuries plus 170 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.244 to yield 3.44%.
Guidance was in the 175 bps area over Treasuries after having firmed from the 187.5 bps area over Treasuries.
The issue was upsized from $300 million.
J.P. Morgan Securities LLC, HSBC Securities and BofA Merrill Lynch are the bookrunners.
The company intends to use the net proceeds from this offering to repay $362 million of commercial paper borrowings and the remainder for general corporate purposes.
The electrical and electronic products company is based in Shelton, Conn.
| Issuer: | Hubbell Inc.
|
| Amount: | $400 million, upsized from $300 million
|
| Description: | Senior notes
|
| Maturity: | March 1, 2026
|
| Bookrunners: | J.P. Morgan Securities LLC, HSBC Securities, BofA Merrill Lynch
|
| Co-managers: | BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., TD Securities (USA) LLC
|
| Coupon: | 3.35%
|
| Price: | 99.244
|
| Yield: | 3.44%
|
| Spread: | Treasuries plus 170 bps
|
| Make-whole call: | Treasuries plus 30 bps prior to Dec. 1, 2025, then callable at par
|
| Trade date: | Feb. 23
|
| Settlement date: | March 1
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 175 bps area, tightened from Treasuries plus 187.5 bps area
|
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