By Andrea Heisinger
New York, Nov. 16 - Thomas & Betts Corp. sold $250 million of 5.625% 12-year senior unsecured notes on Monday to yield Treasuries plus 237.5 basis points, an informed source said.
The deal came at the tight end of guidance in the 250 bps area, with a margin of plus or minus 12.5 bps.
The notes (Baa2/BBB/BBB) priced at 99.186 to yield 5.72%.
The notes have a make-whole call at Treasuries plus 40 bps and feature a change-of-control put of 101%.
Bookrunners were Bank of America Merrill Lynch, J.P. Morgan Securities Inc. and Wells Fargo Securities.
Mitsubishi UFJ Securities, Morgan Keegan & Co. and SunTrust Robinson Humphrey Inc. were co-managers.
Proceeds will be used to repay $125 million outstanding 7.25% notes due 2013 and to repay $95 million of debt under a senior credit facility.
The electrical components company is based in Memphis.
| Issuer: | Thomas & Betts Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $250 million
|
| Maturity: | Nov. 15, 2021
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Wells Fargo Securities
|
| Co-managers: | Mitsubishi UFJ Securities, Morgan Keegan & Co., SunTrust Robinson Humphrey Inc.
|
| Coupon: | 5.625%
|
| Price: | 99.186
|
| Yield: | 5.72%
|
| Spread: | Treasuries plus 237.5 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 23
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Price talk: | 250 bps area, plus or minus 12.5 bps
|
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