By Andrea Heisinger
New York, April 18 - AutoZone, Inc. sold $500 million of 3.125% senior notes due 2023 (Baa2/BBB/BBB) on Thursday to yield Treasuries plus 150 basis points, an informed source said.
There was a do-not-grow provision on the trade, the source said.
Pricing was at 99.447 to yield 3.188%. There is a make-whole call at Treasuries plus 25 bps to April 15, 2023 and a par call after that date.
The bonds have a change-of-control put at 101%.
BofA Merrill Lynch, Barclays and SunTrust Robinson Humphrey Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
The Memphis-based automotive parts retailer was last in the U.S. bond market with a $300 million sale of 2.875% 10-year notes priced at 120 bps over Treasuries on Nov. 1, 2012.
| Issuer: | AutoZone, Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | July 15, 2023
|
| Bookrunners: | BofA Merrill Lynch, Barclays, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 3.125%
|
| Price: | 99.447
|
| Yield: | 3.188%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole at Treasuries plus 25 bps to April 15, 2023, par call after
|
| Change-of-control put: | 101%
|
| Trade date: | April 18
|
| Settlement date: | April 29
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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