By Andrea Heisinger
New York, Dec. 10 - Autodesk, Inc. was in the market on Monday with a $750 million sale of notes (Baa2/BBB/) in two tranches, a market source said.
This was the company's first bond sale, the source said.
A $400 million tranche of 1.95% five-year notes priced at 98.985 to yield 2.165% with a spread of Treasuries plus 155 basis points. Pricing was at the tight end of guidance that was in the 160 bps area, plus or minus 5 bps.
The tranche has a make-whole call at 25 bps over Treasuries.
A $350 million tranche of 3.6% 10-year notes sold at 99.866 to yield 3.616% with a spread of Treasuries plus 200 bps. The notes sold at the lowest end of guidance in the 205 bps area, plus or minus 5 bps.
There is a make-whole call at 30 bps over Treasuries for the notes until Sept. 15, 2022, and a par call after that date.
There was a do-not-grow provision on the deal size.
The notes feature a change-of-control put at 101%.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used to repay $80 million under a revolving credit facility and for general corporate purposes.
The design software and services company is based in San Rafael, Calif.
| Issuer: | Autodesk, Inc.
|
| Issue: | Notes
|
| Amount: | $750 million
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Co-managers: | Bank of America Merrill Lynch, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
|
| Change-of-control put: | At 101%
|
| Trade date: | Dec. 10
|
| Settlement date: | Dec. 13
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
|
|
| Five-year notes
|
| Amount: | $400 million
|
| Maturity: | Dec. 15, 2017
|
| Coupon: | 1.95%
|
| Price: | 98.985
|
| Yield: | 2.165%
|
| Spread: | Treasuries plus 155 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Price talk: | 160 bps area, plus or minus 5 bps
|
|
|
| 10-year notes
|
| Amount: | $350 million
|
| Maturity: | Dec. 15, 2022
|
| Coupon: | 3.6%
|
| Price: | 99.866
|
| Yield: | 3.616%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Make-whole at Treasuries plus 30 bps to Sept. 15, 2022, par call after
|
| Price talk: | 205 bps area, plus or minus 5 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
