Quest sets terms for $500 million sale of notes due 2029; Marriott, Dell price deals

By Devika Patel

Knoxville, Tenn., March 7 – The investment-grade bond market saw little activity towards the close of the week, with only one new deal announced on Thursday.

Madison, N.J.-based diagnostic testing company Quest Diagnostics Inc. priced $500 million of 4.2% senior notes due June 30, 2029 at 99.707.

The notes have a spread of Treasuries plus 160 basis points and will yield 4.236%.

Also, Bethesda, Md.-based lodging company Marriott International Inc. priced its previously announced $850 million sale of floating-rate series BB notes and series CC notes after the close on Wednesday, and Round Rock, Texas-based technology company Dell Technologies Inc. subsidiaries Dell International LLC and EMC Corp. finalized terms for an upsized $4.75 billion Rule 144A private offering of fixed-rate first-lien notes in three parts.

Marriott priced $300 million of two-year floating-rate series BB notes at par with a coupon of Libor plus 65 bps and $550 million of 3.6% series CC notes due April 15, 2024 at 99.516 to yield 3.704%.

Dell’s subsidiaries sold $1 billion of 4% notes due July 15, 2024, a $1.75 billion tranche of 4.9% notes due Oct. 1, 2026 and a $1.75 billion tranche of 5.3% notes due Oct. 1, 2029.

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