By Cristal Cody
Tupelo, Miss., Oct. 27 – Tractor Supply Co. priced an upsized $650 million of 1.75% 10-year notes (Baa1/BBB) on Tuesday at a spread of Treasuries plus 110 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
Price talk was in the Treasuries plus 145 bps area.
The deal was upsized from $500 million.
The notes were sold at 98.874 to yield 1.874%.
Goldman Sachs & Co. LLC, Wells Fargo Securities LLC and Regions Securities LLC were the bookrunners.
Proceeds will be used to refinance debt under the company’s senior credit facilities and for general corporate purposes.
Tractor Supply is a Brentwood, Tenn.-based retail farm and ranch store chain.
| Issuer: | Tractor Supply Co.
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| Amount: | $650 million
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| Description: | Notes
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| Maturity: | Nov. 1, 2030
|
| Bookrunners: | Goldman Sachs & Co. LLC, Wells Fargo Securities LLC and Regions Securities LLC
|
| Senior co-managers: | BofA Securities, Inc., Fifth Third Securities, Inc. and U.S. Bancorp Investments, Inc.
|
| Co-managers: | Truist Securities, Inc. and PNC Capital Markets LLC
|
| Coupon: | 1.75%
|
| Price: | 98.874
|
| Yield: | 1.874%
|
| Spread: | Treasuries plus 110 bps
|
| Call features: | Make-whole call before Aug. 1, 2030 at Treasuries plus 20 bps; thereafter at par
|
| Change-of-control put: | 101%
|
| Trade date: | Oct. 27
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| Settlement date: | Oct. 30
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 145 bps area
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