New Issue: AutoZone prices $400 million 1.3% three-year notes at 55 bps over Treasuries

By Aleesia Forni

Virginia Beach, Jan. 7 - AutoZone Inc. sold $400 million 1.3% senior notes due 2017 on Tuesday at Treasuries plus 55 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes (Baa1/BBB/) priced at 99.98 to yield 1.307%.

J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the joint bookrunners.

Proceeds will be used for general corporate purposes, which may include repaying, redeeming or repurchasing existing debt; for working capital; for capital expenditures; for new store openings; for repurchases of common stock; or for acquisitions.

AutoZone is a Memphis-based automotive parts retailer.

Issuer:	AutoZone Inc.
Amount:	$400 million
Description:	Senior notes
Maturity:	2017
Bookrunners:	J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
Senior co-managers:	Barclays, BofA Merrill Lynch, SunTrust Robinson Humphrey Inc.
Co-managers:	Deutsche Bank Securities Inc., Fifth Third Securities, Inc., Guggenheim Securities, LLC, KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC, Regions Securities LLC
Coupon:	1.3%
Price:	99.98
Yield:	1.307%
Spread:	Treasuries plus 55 bps
Trade date:	Jan. 7
Settlement date:	Jan. 14
Ratings:	Moody's: Baa1
	Standard & Poor's: BBB
Price talk:	Treasuries plus 60 bps area, tightened from Treasuries plus 80 bps area
Make-whole call:	Treasuries plus 10 bps
Distribution:	SEC registered

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