By Paul A. Harris
Portland, Ore., May 7 – Service Corp. International priced a $750 million issue of 10-year senior notes (Ba3/BB) at par to yield 5 1/8% in a quick-to-market Tuesday trade, according to market sources.
The yield printed in the middle of yield talk in the 5 1/8% area and on the tight side of initial guidance in the 5¼% area.
Around noon ET on Tuesday the deal was playing to $1 billion of orders, a market source said.
Wells Fargo Securities LLC was the left bookrunner.
The Houston-based provider of funeral goods and services plans to use the proceeds for general corporate purposes.
| Issuer: | Service Corp. International
|
| Amount: | $750 million
|
| Maturity: | June 1, 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC and SunTrust Robinson Humphrey Inc.
|
| Lead co-managers: | BBVA Securities Inc., Regions Securities Inc. and Scotia Capital
|
| Co-managers: | BOK, HSBC Securities (USA) Inc., MUFG, PNC Capital Markets LLC and Raymond James & Associates Inc.
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 267 bps
|
| Call protection: | Five years
|
| Trade date: | May 7
|
| Settlement date: | May 21
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | SEC registered
|
| Price talk: | 5 1/8% area
|
| Marketing: | Roadshow
|
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