By Andrea Heisinger
New York, Nov. 8 - AutoZone, Inc. priced an increased $500 million of 4% 10-year senior notes Monday at a spread of Treasuries plus 150 basis points, a source away from the sale said.
The size had been announced at $400 million earlier in the day, a source said.
The notes (Baa2/BBB/BBB) priced at 99.56 to yield 4.054%.
The notes have a make-whole call of Treasuries plus 25 bps before Aug. 15, 2020 and then are callable on or after that date at par. There is a change-of-control put at 101%.
Bank of America Merrill Lynch and SunTrust Robinson Humphrey Inc. were on the books. Morgan Keegan & Co. Inc. was the co-manager.
Proceeds are being used to repay amounts due on $200 million principal amount of 4.75% notes due Nov. 15 and for general corporate purposes.
The auto parts and accessories retailer is based in Memphis.
| Issuer: | AutoZone, Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | Nov. 15, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc.
|
| Co-manager: | Morgan Keegan & Co. Inc.
|
| Coupon: | 4%
|
| Price: | 99.56
|
| Yield: | 4.054%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps before Aug. 15, 2020, then callable on or after that date at par
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 15
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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