Toyota prices $1.5 billion notes; Gaming & Leisure sells $1.1 billion notes in two parts

By Devika Patel

Knoxville, Tenn., Sept. 17 – Primary activity in the investment-grade bond market on Monday saw three new deals pricing.

Torrance, Calif.-based financing arm and subsidiary of Toyota Motor Corp. Toyota Motor Credit Corp. priced $1.5 billion of series B medium-term notes in two floating- and fixed-rate tranches.

Wyomissing, Pa.-based gaming-oriented real estate investment trust Gaming & Leisure Properties Inc. subsidiaries GLP Capital, LP and GLP Financing II, Inc. priced $1.1 billion of senior unsecured notes in two parts.

Baltimore-based subsidiary of Exelon Corp. Baltimore Gas and Electric Co. launched $300 million of 30-year 4.25% notes due Sept. 15, 2048.

Toyota sells $1.5 billion

Toyota Motor Credit priced $1.5 billion of series B medium-term notes (Aa3/AA-) in two tranches.

The company priced $750 million of two-year floating-rate notes at par. These notes priced at par with a coupon of Libor plus 17 basis points.

Toyota Motor Credit also sold $750 million of 3.45% five-year notes with a spread of Treasuries plus 60 bps. These notes priced at 99.804 to yield 3.493%.

Barclays, RBC Capital Markets Corp., Santander Investment Securities Inc. and SMBC Nikko Securities America, Inc. were the bookrunners.

Gaming prices $1.1 billion

Gaming & Leisure subsidiaries GLP Capital and GLP Financing II priced $1.1 billion of senior unsecured notes (Ba1/BBB-/) in two parts on Monday, according to a press release.

The company sold $750 million of 5.3% notes due Jan. 15, 2029 at 99.985.

There was also a $350 million add-on to the company’s 5.25% notes due June 1, 2025 at 102.148.

The notes will be guaranteed by Gaming & Leisure.

BofA Merrill Lynch, Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Citizens Capital Markets, Fifth Third Securities Inc., SunTrust Robinson Humphrey Inc., Siebert Capital Markets, Credit Agricole CIB, Goldman Sachs & Co. and Barclays were the bookrunners.

Proceeds will be used, along with borrowings under the company’s revolver, to acquire certain gaming properties and real estate assets.

Baltimore Gas sells 30-years

Baltimore Gas priced $300 million of 30-year 4.25% notes (A3/A-/A-) at a spread of Treasuries plus 112.5 bps. The notes were sold at 99.916 to yield 4.255%.

The notes feature a make-whole call at Treasuries plus 20 bps until March 15, 2048 and then a par call.

BNP Paribas Securities Corp., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, SMBC Nikko Securities America and TD Securities (USA) LLC are the bookrunners.

Proceeds will be used to repay commercial paper obligations and for general corporate purposes.

Baltimore-based Baltimore Gas and Electric is a subsidiary of Exelon Corp.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.