By Cristal Cody
Chicago, March 16 – Illumina, Inc. sold a two-part offering of notes (Baa3/BBB/BBB) on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The company sold a $500 million tranche of 0.55% two-year notes at 99.998 to yield 0.551%, or a spread of Treasuries plus 40 basis points.
The notes were talked in the 60 bps area over Treasuries, according to a market source.
The tranche can be called at any time based on a make-whole premium of Treasuries plus 10 bps.
Additionally, Illumina priced $500 million of 2.55% 10-year notes at 99.798 to yield 2.573%, or a spread of Treasuries plus 95 bps.
The notes had been talked in the Treasuries plus 120 bps area.
The notes can be called at any time before Dec. 23, 2030 with a make-whole premium of Treasuries plus 15 bps. After that date, the notes can be called at par.
Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were joint bookrunners.
Proceeds will be used for general corporate purposes.
Illumina, based in San Diego, Calif., provides products and services related to sequencing- and array-based solutions for genetic and genomic analysis.
| Issuer: | Illumina, Inc
|
| Issue: | Notes
|
| Amount: | $1 billion
|
| Bookrunners: | Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
|
| Co-managers: | BNP Paribas Securities Corp., Deutsche Bank Securities Inc., MUFG, U.S. Bancorp Investments, Inc., Academy Securities, Inc., Loop Capital Markets LLC, R.Seelaus & Co., LLC and Samuel A. Ramirez & Co., Inc.
|
| Change of control: | At 101
|
| Trade date: | March 16
|
| Settlement date: | March 23
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| 2023 notes
|
| Amount: | $500 million
|
| Issue: | Notes
|
| Maturity: | March 23, 2023
|
| Coupon: | 0.55%
|
| Price: | 99.998
|
| Yield: | 0.551%
|
| Spread: | Treasuries plus 40 bps
|
| Call features: | Make-whole at Treasuries plus 10 bps
|
| Talk: | Treasuries plus 60 bps area
|
|
|
| 2031 notes
|
| Amount: | $500 million
|
| Issue: | Notes
|
| Maturity: | March 23, 2031
|
| Coupon: | 2.55%
|
| Price: | 99.798
|
| Yield: | 2.573%
|
| Spread: | Treasuries plus 95 bps
|
| Call features: | Make-whole call at any time before Dec. 23, 2031 at Treasuries plus 15 bps; thereafter at par
|
| Talk: | Treasuries plus 120 bps area
|
|
|
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