By Cristal Cody
Tupelo, Miss., July 31 – Tyco Electronics Group SA sold $500 million of guaranteed senior notes (Baa1/A-/A-) in two tranches, including an add-on, on Monday, according to an FWP filing with the Securities and Exchange Commission.
Tyco priced a $100 million reopening of its 3.45% notes due Aug. 1, 2024 at 103.542 to yield 2.869% and a spread of Treasuries plus 58 basis points.
The company originally sold $250 million of the 3.45% notes on July 28, 2014 at 99.614 to yield 3.496%, or Treasuries plus 100 bps. The total outstanding now is $350 million.
Tyco sold $400 million of new 3.125% 10-year notes at 99.199 to yield 3.219% and with a spread of Treasuries plus 93 bps.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and BofA Merrill Lynch were the bookrunners.
Proceeds will be used for general corporate purposes.
The notes will be fully and unconditionally guaranteed by TE Connectivity Ltd.
Tyco Electronics Group is a Luxembourg-based holding company.
| Issuer: | Tyco Electronics Group SA
|
| Guarantor: | TE Connectivity Ltd.
|
| Amount: | $500 million
|
| Description: | Guaranteed senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and BofA Merrill Lynch
|
| Co-managers: | Barclays, ICBC Standard Bank plc, Loop Capital Markets LLC, MUFG and SMBC Nikko Securities America, Inc.
|
| Trade date: | July 31
|
| Settlement date: | Aug. 3
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: A-
|
| Distribution: | SEC registered
|
|
|
| Notes due 2024
|
| Amount: | $100 million reopening
|
| Maturity: | Aug. 1, 2024
|
| Coupon: | 3.45%
|
| Price: | 103.542
|
| Yield: | 2.869%
|
| Spread: | Treasuries plus 58 bps
|
| Call features: | Make-whole call until May 1, 2024 at greater of par and Treasuries plus 15 bps; thereafter at par
|
| Change-of-control put: | 101%
|
| Total outstanding: | $350 million, including $250 million priced on July 28, 2014 at 99.614 to yield 3.496%, or Treasuries plus 100 bps
|
|
|
| 10-year notes
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| Amount: | $400 million
|
| Maturity: | Aug. 15, 2027
|
| Coupon: | 3.125%
|
| Price: | 99.199
|
| Yield: | 3.219%
|
| Spread: | Treasuries plus 93 bps
|
| Call features: | Make-whole call until May 15, 2027 at greater of par and Treasuries plus 15 bps; thereafter at par
|
| Change-of-control put: | 101%
|
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