New Issue: Snap-on prices $400 million 4.1% notes due 2048 to yield 95 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Feb. 20 – Snap-on Inc. priced $400 million of 4.1% 30-year notes (A2/A-/A) on Tuesday at a spread of 95 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The bonds priced at 99.725 to yield 4.116%.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc. were the bookrunners.

Proceeds will be used to purchase for cash any and all of the company’s $200 million of outstanding 6.7% senior notes due March 1, 2019, to repay a portion of the company’s outstanding commercial paper and for general corporate purposes.

The tool and equipment manufacturer is based in Kenosha, Wis.

Issuer:	Snap-on Inc.
Amount:	$400 million
Description:	Notes
Maturity:	March 1, 2048
Bookrunners:	Citigroup Global Markets Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc.
Co-managers:	Barclays, Loop Capital Markets LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, Wells Fargo Securities, LLC, BBVA Securities Inc., Commerz Markets LLC, HSBC Securities (USA) Inc., Williams Capital Group, LP and Westpac Capital Markets, LLC
Coupon:	4.1%
Price:	99.725
Yield:	4.116%
Spread:	Treasuries plus 95 bps
Call features:	Make-whole call at Treasuries plus 15 bps before Sept. 1, 2047; thereafter at par
Trade date:	Feb. 20
Settlement date:	Feb. 26
Ratings:	Moody’s: A2
	S&P: A-
	Fitch: A
Distribution:	SEC registered

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