Morning Commentary: UBS plans $750 million notes; Lennox eyes notes in two tranches

By Devika Patel

Knoxville, Tenn., July 22 – The high-grade bond market saw two new deals announced on Wednesday morning.

Zurich-based UBS Group AG, an investment bank and financial services company, announced it will sell $750 million of notes, and Richardson, Tex.-based Lennox International Inc., a climate-control products company, said it would issue fixed-rate notes in two tranches.

UBS eyes $750 million

UBS Group intends to issue $750 million of notes with a 5% greenshoe.

UBS Investment Bank, Commerzbank AG, Credit Agricole CIB, ING Bank NV, NatWest Markets plc, Nordea Bank ABP, Raiffeisen Bank International AG, Scotiabank Europe plc, Standard Chartered Bank, Toronto-Dominion Bank and UniCredit Bank AG are the stabilization managers.

Lennox plans two parts

Lennox International plans to price dollar-denominated fixed-rate notes in two tranches.

Both notes have a make-whole call and then a par call.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Securities Inc. and MUFG are the bookrunners for the offering.

Proceeds will be used to repay debt under the company’s domestic credit facility and for general corporate purposes.

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