By Cristal Cody
Tupelo, Miss., Sept. 15 – Hyundai Capital America (Baa1/BBB+) priced $2.5 billion of notes in three parts on Tuesday, according to a market source.
A $1.1 billion tranche of 1.25% three-year notes priced at a spread of 112 basis points over Treasuries.
Guidance was at the 140 bps to 145 bps over Treasuries area.
A $750 million offering of 1.8% five-year notes priced at a Treasuries plus 157 bps spread, compared to talk in the 185 bps spread area.
Hyundai Capital sold $650 million of 2.375% seven-year notes at a Treasuries plus 192 bps spread.
Initial price talk was in the 220 bps spread area.
BofA Securities, Inc., BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Societe Generale and TD Securities (USA) LLC were the bookrunners.
Hyundai Capital America is an Irvine, Calif.-based auto financing arm of the Hyundai Motor Co.
| Issuer: | Hyundai Capital America
|
| Amount: | $2.5 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Securities, Inc., BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Societe Generale and TD Securities (USA) LLC
|
| Trade date: | Sept. 15
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Three-year notes
|
| Amount: | $1.1 billion
|
| Maturity: | Sept. 18, 2023
|
| Coupon: | 1.25%
|
| Spread: | Treasuries plus 112 bps
|
| Price guidance: | Treasuries plus 140 bps-145 bps area
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | Oct. 15, 2025
|
| Coupon: | 1.8%
|
| Spread: | Treasuries plus 157 bps
|
| Price guidance: | Treasuries plus 185 bps area
|
|
|
| Seven-year notes
|
| Amount: | $650 million
|
| Maturity: | Oct. 15, 2027
|
| Coupon: | 2.375%
|
| Spread: | Treasuries plus 192 bps
|
| Price guidance: | Treasuries plus 220 bps area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
