By Paul A. Harris
Portland, Ore., Feb. 7 – Symantec Corp. priced an upsized $1.1 billion issue of split-rated senior notes due April 15, 2025 (Baa3/BB+/BB+) at par to yield 5% on Tuesday, according to market sources.
The issue size was increased from $1 billion.
The yield printed 25 basis points inside of the 5¼% to 5½% yield talk.
Joint physical bookrunner BofA Merrill Lynch will bill and deliver. JP Morgan Securities LLC was also a joint physical bookrunner.
Barclays, Citigroup Global Markets Inc., Mizuho Securities, MUFG, RBC Capital Markets LLC, SMBC Nikko, TD Securities and Wells Fargo Securities LLC were joint bookrunners.
The Sunnyvale, Calif.-based web security company plans to use the proceeds, together with cash on hand, to finance the $2.3 billion purchase price of its proposed acquisition of LifeLock, Inc.
| Issuer: | Symantec Corp.
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| Amount: | $1.1 billion, increased from $1 billion
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| Maturity: | April 15, 2025
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| Securities: | Senior notes
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| Joint physical books: | BofA Merrill Lynch (bill and deliver), JP Morgan Securities LLC
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| Joint books: | Barclays, Citigroup Global Markets Inc., Mizuho Securities, MUFG, RBC Capital Markets LLC, SMBC Nikko, TD Securities, Wells Fargo Securities LLC
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Spread: | 271 bps
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| First call date: | April 15, 2020
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| Trade date: | Feb. 7
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| Settlement date: | Feb. 9
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| Ratings: | Moody’s: Baa3
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| Standard & Poor’s: BB+
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| Fitch: BB+
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| Distribution: | Rule 144A for life
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| Price talk: | 5¼% to 5½%
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| Marketing: | Roadshow
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