Published on 11/7/2023 in the Prospect News Investment Grade Daily.
New Issue: Textron prices $350 million of 6.1% notes due 2033 at 157 bps spread
By Wendy Van Sickle
Columbus, Ohio, Nov. 7 – Textron Inc. priced $350 million of 6.1% notes due Nov. 15, 2033 (Baa2/BBB) at 99.821 to yield 6.124%, or a spread of 157 basis points over Treasuries, on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, MUFG Securities Americas Inc. and SMBC Nikko Securities America, Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including the redemption or repayment of some of the company’s debt, including the $350 million outstanding principal amount of its 4.3% notes due Nov. 1, 2024.
Textron is a Providence, R.I.-based multi-industry company conducting business in six operating segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation, which represent the company’s manufacturing businesses, and Finance, which represents its captive finance business.
| Issuer: | Textron Inc.
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| Amount: | $350 million
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| Issue: | Notes
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| Maturity: | Nov. 15, 2033
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| Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, MUFG Securities Americas Inc. and SMBC Nikko Securities America, Inc.
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| Senior co-managers: | Wells Fargo Securities, LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.
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| Co-managers: | BNY Mellon Capital Markets, LLC, Loop Capital Markets LLC and Siebert Williams Shank & Co., LLC
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| Trustee: | Bank of New York Mellon Trust Co., NA
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| Counsel to issuer: | Bracewell LLP and in-house
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| Counsel to underwriters: | Davis Polk & Wardwell LLP
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| Coupon: | 6.1%
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| Price: | 99.821
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| Yield: | 6.124%
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| Spread: | Treasuries plus 157 bps
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| Call features: | Make-whole call before Aug. 15, 2033 at Treasuries plus 25 bps; thereafter at par
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| Trade date: | Nov. 7
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| Settlement date: | Nov. 9
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Distribution: | SEC registered
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| Cusip: | 883203CD1
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