By Andrea Heisinger
New York, March 5 - Koninklijke Philips Electronics NV sold $1.5 billion of notes (A3/A-/) in two tranches on Monday, a source away from the trade said.
The $1 billion of 3.75% 10-year paper priced at 99.545 to yield 3.805% with a spread of Treasuries plus 180 basis points.
A second tranche was $500 million of 5% 30-year bonds sold at 97.839 to yield 5.142% with a spread of 200 bps over Treasuries.
Both tranches have a make-whole call at 30 bps over Treasuries and feature a change-of-control put at 101%.
Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used to redeem debt and for general corporate purposes.
The holding company for health care, lighting and consumer electronics businesses is based in Amsterdam.
| Issuer: | Koninklijke Philips Electronics NV
|
| Issue: | Notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC
|
| Change-of-control put: | 101%
|
| Trade date: | March 5
|
| Settlement date: | March 9
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | March 15, 2022
|
| Coupon: | 3.75%
|
| Price: | 99.545
|
| Yield: | 3.805%
|
| Spread: | Treasuries plus 180 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | March 15, 2042
|
| Coupon: | 5%
|
| Price: | 97.839
|
| Yield: | 5.142%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
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