By Rebecca Melvin
New York, Aug. 22 – Korea’s Hyundai Capital Services Inc. priced $900 million of senior notes due in five and 10 years (expected: Baa1/A-) on Monday, according to a syndicate source.
The $600 five-year tranche priced with a spread of 135 basis points over U.S. Treasuries at a reoffer price of 99.496 to yield 3.11%.
The $300 million 10-year tranche priced at a spread of 155 bps over U.S. Treasuries at a reoffer price of 99.015 to yield 3.744%.
Both tranches priced tighter than price talk.
BofA Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc., DBS Bank Ltd. and MUFG are the bookrunners of the Rule 144A and Regulation S notes.
Hyundai Capital is a Seoul-based firm that manages financial services for Hyundai Kia Automotive Group.
| Issuer: | Hyundai Capital Services Inc.
|
| Amount: | $900 million
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc., DBS Bank Ltd. and MUFG
|
| Trade date: | Aug. 21
|
| Settlement date: | Aug. 29
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Maturity: | Aug. 29, 2022
|
| Coupon: | 3%
|
| Price: | 99.496
|
| Yield: | 3.11%
|
| Spread: | Treasuries plus 135 bps
|
| Talk: | Treasuries plus 155 bps
|
|
|
| 10-year notes
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| Amount: | $300 million
|
| Maturity: | Aug. 29, 2027
|
| Coupon: | 35/8%
|
| Price: | 99.015
|
| Yield: | 3.744%
|
| Spread: | Treasuries plus 155 bps
|
| Talk: | Treasuries plus 170 bps
|
|
|
|
|
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