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Lennox sells $600 million in parts due 2025, 2027; UBS eyes $750 million note
By Devika Patel
Knoxville, Tenn., July 22 – The high-grade bond market saw one new deal pricing and another announced on Wednesday.
Richardson, Texas-based Lennox International Inc., a climate-control products company, priced $600 million of senior notes in two tranches due in five and seven years, and Zurich-based UBS Group AG, an investment bank and financial services company, announced it will sell $750 million of notes.
Lennox prices two parts
Lennox International sold $600 million of senior guaranteed notes (Baa3/BBB/) in two tranches on Wednesday.
Lennox sold $300 million of 1.35% five-year notes at a spread of Treasuries plus 110 basis points. These notes priced at 99.908 to yield 1.369%.
The company priced $300 million of 1.7% seven-year notes at a spread of Treasuries plus 130 basis points. These notes priced at 99.705 to yield 1.745%.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Securities Inc. and MUFG are the bookrunners for the offering.
The notes are guaranteed unconditionally by Advanced Distributor Products LLC, Allied Air Enterprises LLC, Heatcraft Inc., Heatcraft Refrigeration Products LLC, Lennox Global LLC, Lennox Industries Inc., Lennox National Account Services LLC, LGL Australia (US) Inc., LGL Europe Holding Co. and Lennox Switzerland GmbH.
Proceeds will be used to repay debt under its domestic credit facility and for general corporate purposes.
UBS plans $750 million
UBS Group intends to issue $750 million of notes with a 5% greenshoe.
UBS Investment Bank, Commerzbank AG, Crédit 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.
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