By Aleesia Forni
Virginia Beach, June 2 – Autodesk, Inc. was in the market on Tuesday with an upsized $750 million two-tranche offering of senior notes (Baa2/BBB), according to a market source and an FWP filed with the Securities and Exchange Commission.
A $450 million tranche of 3.125% five-year notes priced at 99.856 to yield 3.156%, or Treasuries plus 155 basis points.
The notes sold at the tight end of guidance set in the Treasuries plus 160 bps area.
There was also $300 million of 4.375% 10-year notes priced at 99.637 to yield 4.42%, or Treasuries plus 215 bps.
Pricing was at the tight end of the Treasuries plus 220 bps area guidance.
BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used for general corporate purposes, including working capital, capital expenditures, acquisitions and strategic transactions and stock repurchases.
The design software and services company is based in San Rafael, Calif.
| Issuer: | Autodesk Inc.
|
| Issue: | Senior notes
|
| Amount: | $750 million, upsized from $600 million
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Co-managers: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc.
|
| Trade date: | June 2
|
| Settlement date: | June 5
|
| Change-of-control put: | 101%
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $450 million
|
| Maturity: | June 15, 2020
|
| Coupon: | 3.125%
|
| Price: | 99.856
|
| Yield: | 3.156%
|
| Spread: | Treasuries plus 155 bps
|
| Price guidance: | Treasuries plus 160 bps area
|
| Make-whole call: | Treasuries plus 25 bps prior to May 15, 2020, then callable at par
|
|
|
| 10-year notes
|
| Amount: | $300 million
|
| Maturity: | June 15, 2025
|
| Coupon: | 4.375%
|
| Price: | 99.637
|
| Yield: | 4.42%
|
| Spread: | Treasuries plus 215 bps
|
| Price guidance: | Treasuries plus 220 bps area
|
| Make-whole call: | Treasuries plus 35 bps prior to March 15, 2025, then callable at par
|
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