Morning Commentary: Noble Energy, Hudson Pacific, Sumitomo, Thermo Fisher notes on tap

By Devika Patel

Knoxville, Tenn., Sept. 24 – The high-grade bond market was somewhat active over the morning on Tuesday with four new deals announced.

Los Angeles-based REIT Hudson Pacific Properties, LP said it will sell fixed-rate senior notes.

Houston-based Noble Energy Inc., a crude oil and natural gas exploration and production company, announced an offering of fixed-rate notes in two tranches due 2029 and 2049.

Tokyo-based Sumitomo Mitsui Financial Group Inc., a banking and financial company, intends to sell dollar-denominated fixed-rate senior notes, and Waltham, Mass.-based Thermo Fisher Scientific Inc., a science technology company, said it will sell dollar-denominated fixed-rate senior notes in two parts.

Hudson Pacific on tap

Hudson Pacific Properties intends to conduct an offering of fixed-rate senior notes.

The notes have a make-whole call and then a par call.

The notes will be guaranteed by Hudson Pacific Properties, Inc.

Wells Fargo Securities LLC and BofA Securities, Inc. are the bookrunners.

Proceeds will be used to repay all or a portion of the company’s term loan due April 2020, to repay all or a portion of the debt under its revolving credit facility and/or for general corporate purposes.

Noble sells two tranches

Noble Energy intends to price notes in two tranches.

The notes will be sold in two fixed-rate tranches due 2029 and 2049.

The notes will have make-whole calls until July 15, 2029 for the 2029 notes and April 15, 2049 for the 2049 notes and par calls after those dates.

BofA Securities, Mizuho Securities USA Inc. and MUFG are the bookrunners.

Proceeds will be used to purchase or redeem all of the company’s $1 billion of 4.15% notes due 2021 in a tender offer on Sept. 30.

Sumitomo plans notes

Sumitomo Mitsui Financial plans to offer dollar-denominated fixed-rate senior notes.

The notes are non-callable.

SMBC Nikko Securities America Inc., Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and BofA Securities are the bookrunners.

Proceeds will be used to extend unsecured loans to SMBC.

Thermo Fisher eyes notes

Thermo Fisher Scientific is expected to sell dollar-denominated fixed-rate senior notes in two parts. The company also plans a five-part euro-denominated offering of fixed-rate senior notes.

The notes feature a make-whole call and then a par call.

BofA Securities, Goldman Sachs, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are the bookrunners for the dollar-denominated offering.

Proceeds will be used to redeem the company’s $750 million 6% senior notes due 2020, €425 million 1.5% senior notes due 2020, $400 million 5% senior notes due 2021, $1 billion 4.5% senior notes due 2021, $1.1 billion 3.6% senior notes due 2021 and $800 million 3.3% senior notes due 2022.

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