Published on 7/19/2022 in the Prospect News Investment Grade Daily.
New Issue: AutoZone prices $750 million 4.75% notes due 2032 at 175 bps spread
By Marisa Wong
Los Angeles, July 19 – AutoZone, Inc. priced $750 million of 4.75% senior notes due 2032 (Baa1//BBB) on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
AutoZone priced the notes at 99.905 to yield 4.762%, or a spread of 175 basis points over Treasuries.
The notes feature a make-whole call and then a par call.
BofA Securities Inc., J.P. Morgan Securities LLC, Truist Securities Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used for general corporate purposes, which may include repaying, redeeming or repurchasing outstanding debt.
AutoZone is a Memphis-based auto parts and supplies retailer.
| Issuer: | AutoZone, Inc.
|
| Amount: | $750 million
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| Issue: | Senior notes
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| Maturity: | Aug. 1, 2032
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| Bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, Truist Securities Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Senior co-managers: | Mizuho Securities USA LLC and PNC Capital Markets LLC
|
| Co-managers: | BNP Paribas Securities Corp., BBVA Securities Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., Citizens Capital Markets, Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Fifth Third Securities, Inc., Huntington Securities, Inc., KeyBanc Capital Markets Inc., MUFG, Regions Securities LLC, Santander Investment Securities Inc., SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC
|
| Trustee: | Regions Bank
|
| Counsel to issuer: | Bass, Berry & Sims plc and Brownstein Hyatt Farber Schreck, LLP
|
| Counsel to underwriters: | Latham & Watkins LLP
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| Coupon: | 4.75%
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| Price: | 99.905
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| Yield: | 4.762%
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| Spread: | Treasuries plus 175 bps
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| Call features: | Make-whole call at Treasuries plus 30 bps at any time prior to May 1, 2032; par call after that
|
| Put option: | At 101 upon change of control
|
| Trade date: | July 19
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| Settlement date: | Aug. 1
|
| Ratings: | Moody’s: Baa1
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Cusip: | 053332BB7
|
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