By Paul A. Harris
Portland, Ore., April 10 - Sensata Technologies BV priced an upsized $500 million issue of 101/2-year senior notes (B1/BB-/) at par to yield 4 7/8% on Wednesday, according to a syndicate source.
The deal was upsized from $400 million.
The yield printed at the tight end of yield talk that was set in the 5% area.
Morgan Stanley & Co. LLC and Barclays were the joint bookrunners.
Proceeds, along with cash on hand, will be used to repay $600 million of existing term loans.
Sensata Technologies is a designer and manufacturer of sensors and controls.
| Issuer: | Sensata Technologies BV
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | Oct. 15, 2023
|
| Securities: | Senior notes
|
| Bookrunners: | Morgan Stanley & Co. LLC, Barclays
|
| Co-managers: | Goldman Sachs & Co., RBC Capital Markets
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 312 bps
|
| Call protection: | Non-callable
|
| Trade date: | April 10
|
| Settlement date: | April 17
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5% area
|
| Marketing: | Quick to market
|
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