By Paul A. Harris
Portland, Ore., Jan. 24 – Oxford Finance LLC priced a $400 million issue of five-year senior notes (Ba3/B/BB-) at par to yield 6 3/8% on Monday, according to market sources.
The yield printed at the tight end of yield talk and initial guidance, both of which had been set in the 6½% area.
Timing was accelerated. The deal had been expected to remain in the market until Tuesday.
At 3 p.m. ET the deal was two-times oversubscribed, according to a trader who added that reverse inquiry was also a factor.
J.P. Morgan Securities LLC was the lead.
The Alexandria, Va.-based financial services provider, which will issue via subsidiary, Oxford Finance Co-Issuer II Inc., plans to use the proceeds to repay unsecured debt and for general corporate purposes.
Issuer: | Oxford Finance Co-Issuer II Inc.
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Amount: | $400 million
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Maturity: | Feb. 1, 2027
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Securities: | Senior notes
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Lead bookrunner: | J.P. Morgan Securities LLC
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Coupon: | 6 3/8%
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Price: | Par
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Yield: | 6 3/8%
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Spread: | 485 basis points
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First call: | Feb. 1, 2024 at 103.188
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Trade date: | Jan. 24
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Settlement date: | Feb. 7
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Ratings: | Moody's: Ba3
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| S&P: B
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| Fitch: BB-
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Distribution: | Rule 144A for life
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Price talk: | 6½% area
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