By Cristal Cody
Chicago, Jan. 16 – Hyundai Capital America sold $2.5 billion of notes in a four-part deal, according to a market source.
The deal included two notes due Jan. 8, 2027.
A $300 million floating-rate tranche priced with a SOFR plus 150 basis points coupon.
The largest tranche of the deal priced in that duo, $1 billion of 5.25% notes at a 130 bps spread to Treasuries. Initial talk was in the 150 bps area.
A $750 million five-year tranche priced with a 5.3% coupon. The spread was 145 bps over Treasuries after talk in the 170 bps area.
The final tranche priced as $500 million of 5.4% notes due 2031. Pricing came at Treasuries plus 155 bps after talk 30 bps higher, in the 185 bps area.
BofA Securities, Inc., Credit Agricole CIB, J.P. Morgan Securities LLC, Lloyds Securities Inc., RBC Capital Markets Corp. and SMBC Nikko Securities America Inc. 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
|
| Issue: | Notes
|
| Bookrunners: | BofA Securities, Inc., Credit Agricole CIB, J.P. Morgan Securities LLC, Lloyds Securities Inc., RBC Capital Markets Corp. and SMBC Nikko Securities America Inc.
|
| Trade date: | Jan. 3
|
|
|
| Floaters
|
| Amount: | $300 million
|
| Issue: | Floating-rate notes
|
| Maturity: | Jan. 8, 2027
|
| Coupon: | SOFR plus 150 bps
|
| Price talk: | SOFR plus equivalent spread
|
|
|
| Notes due 2027
|
| Amount: | $1 billion
|
| Maturity: | Jan. 8, 2027
|
| Coupon: | 5.25%
|
| Spread: | Treasuries plus 130 bps
|
| Price talk: | Treasuries plus 150 bps area
|
|
|
| Notes due 2029
|
| Amount: | $700 million
|
| Maturity: | Jan. 8, 2029
|
| Coupon: | 5.3%
|
| Spread: | Treasuries plus 145 bps
|
| Price talk: | Treasuries plus 170 bps area
|
|
|
| Notes due 2031
|
| Amount: | $500 million
|
| Maturity: | Jan. 8, 2031
|
| Coupon: | 5.4%
|
| Spread: | Treasuries plus 155 bps
|
| Price talk: | Treasuries plus 185 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.
