General Motors Financial, Enbridge, Charter, American Tower price; Kroger, Whole Foods active

By Cristal Cody

Tupelo, Miss., June 27 – High-grade issuers priced more than $6 billion of corporate bonds on Tuesday.

General Motors Financial Co. Inc. sold $2.25 billion of senior notes in three tranches, including an add-on.

Enbridge Inc. priced $1.4 billion of dollar-denominated senior notes in two parts.

Charter Communications, Inc. also priced $1.5 billion of split-rated new and reopened senior secured notes (Ba1/BBB-/BBB-) on Tuesday.

American Tower Corp. came with $750 million of 10-year senior notes.

AIG Global Funding brought $550 million of three-year senior secured notes in fixed- and floating-rate tranches to the primary market.

Also, Regency Centers LP placed $300 million in add-ons to existing 10- and 30-year notes.

Looking ahead to other primary action, Inter-American Development Bank is marketing new 10-year global notes.

The Markit CDX North American Investment Grade index softened about 2 basis points on Tuesday to close at a spread of 61 bps.

Retail food bonds remain active since Amazon.com, Inc. announced earlier in the month it would acquire Whole Foods Market Inc.

Kroger Co.’s senior notes (Baa1/BBB/BBB) traded flat to about 1 bp tighter over the day.

Whole Foods Market’s 5.2% notes due Dec. 3, 2025 softened about 1 bp.

GM Financial prices

General Motors Financial (Baa3/BBB/BBB) priced $2.25 billion of senior notes in three tranches, including an add-on to its 4.35% senior notes due Jan. 17, 2027, on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The company sold $500 million of five-year floating-rate notes at par to yield Libor plus 131 bps.

It priced $1.25 billion of 3.15% five-year fixed-rate notes at 99.83 to yield 3.187% and a spread of 137 bps over Treasuries.

The company also sold $500 million of the 4.35% 10-year notes at 101.509 to yield 4.153% and a spread of Treasuries plus 195 bps.

General Motors Financial originally sold $750 million of the 4.35% notes on Jan. 12 at 99.855 to yield 4.368% and a spread of 200 bps over Treasuries. The total outstanding now is $1.25 billion.

Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Lloyds Securities Inc. and SMBC Nikko Securities America, Inc. were the bookrunners.

The notes are guaranteed by AmeriCredit Financial Services, Inc.

Proceeds will be used for general corporate purposes.

General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.

Enbridge sells $1.4 billion

Enbridge (Baa2/BBB+/BBB+) sold $1.4 billion of dollar-denominated senior notes in two tranches on Tuesday, according to a market source and an FWP filing with the SEC.

The company priced $700 million of 2.9% five-year notes at 99.916 to yield 2.918%, or a spread of 110 bps over Treasuries.

Enbridge sold $700 million of 3.7% 10-year notes at 99.974 to yield 3.703%. The notes priced with a Treasuries plus 150 bps spread.

Both tranches priced on the tight side of talk.

J.P. Morgan Securities LLC, Citigroup Global Markets, SMBC Nikko and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used for Spectra Energy Capital, LLC’s planned cash tender offer to purchase all of its $500 million of 8% notes due 2019, and up to $600 million of its $250 million of 7.5% notes due 2038, $240 million of 6.75% notes due 2032, $150 million of 6.75% notes due 2018, $500 million of 6.2% notes due 2018, $300 million of 5.65% notes due 2020 and $650 million of 3.3% notes due 2023.

The tender offer is conditional on the sale of at least $1.1 billion of new notes by Enbridge.

Enbridge is a Calgary, Alta.-based oil and gas distribution and transportation company.

American Tower prints

American Tower priced $750 million of 3.55% 10-year senior notes (Baa3/BBB-/BBB) on Tuesday at 99.773 to yield 3.577%, according to a market source and an FWP filing with the SEC.

The notes priced with a spread of Treasuries plus 137.5 bps, on the tight side of talk in the Treasuries plus 140 bps area, plus or minus 2.5 bps.

Barclays, Mizuho Securities USA Inc., RBC Capital Markets, LLC, Santander Investment Securities Inc. and TD Securities (USA) LLC were the bookrunners.

Proceeds will be used to repay borrowings under the company’s 2013 senior revolving credit facility.

American Tower is a telecommunications provider based in Boston.

AIG sells fixed, floaters

AIG Global Funding priced $550 million of three-year senior secured notes (A2/A+/) in two parts on Tuesday, according to a market source.

AIG sold $250 million of three-year floating-rate notes at Libor plus 48 bps.

The company priced $300 million of three-year fixed-rate notes at a Treasuries plus 65 bps spread.

BofA Merrill Lynch, Deutsche Bank Securities Inc. and J.P. Morgan Securities were the bookrunners.

AIG Global Funding is a financing arm of Houston-based American General Life Insurance Co., Inc.

Regency taps notes

Regency Centers (Baa1/BBB+/BBB+) priced $300 million in add-ons to its 3.6% senior notes due Feb. 1, 2027 and 4.4% senior notes due Feb. 1, 2047 on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The company sold $175 million of the 3.6% notes due Feb. 1, 2027 at 100.379 to yield 3.552%. The notes priced with a spread of 135 bps over Treasuries.

The 2027 notes originally were priced on Jan. 18 in a $350 million offering at 99.741 to yield 3.631% and a spread of 130 bps over Treasuries. The total outstanding now is $525 million.

Regency Centers also priced $125 million of the 4.4% 30-year notes at 100.784 to yield 4.352% and a spread of Treasuries plus 160 bps.

The 2047 notes were initially sold on Jan. 18 in a $300 million offering at 99.11 to yield 4.454% and a spread of 150 bps over Treasuries. The total outstanding now is $425 million.

Wells Fargo Securities, J.P. Morgan Securities, BofA Merrill Lynch, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. were the bookrunners.

Proceeds are expected to be used to redeem preferred units, retire about $112 million of loans secured by mortgages, reduce the outstanding balance on the company’s line of credit and for general corporate purposes.

The notes will be guaranteed by general partner Regency Centers Corp., a Jacksonville, Fla., real estate investment trust that owns retail shopping centers.

IADB offers notes

The Inter-American Development Bank (Aaa/AAA/) plans to price an offering of global notes due July 7, 2027, according to a market source.

The notes were talked to price in the mid-swaps plus 27 bps area.

Barclays, Citigroup Global Markets Inc. and TD Securities (USA) LLC are the lead managers.

The provider of development financing for Latin America and the Caribbean is based in Washington, D.C.

Kroger notes mixed

Kroger’s 2.65% notes due Oct. 15, 2026 firmed about 1 bp to 135 bps bid on Tuesday, according to a market source.

Kroger sold $750 million of the notes on Sept. 26 at a spread of 110 bps over Treasuries.

The company’s 4.45% notes due Feb. 1, 2047 were unchanged at 190 bps bid.

The Cincinnati-based grocery retailer sold $1 billion of the bonds on Jan. 17 at a spread of 150 bps over Treasuries.

Whole Foods eases

Whole Foods Market’s 5.2% notes due Dec. 3, 2025 (Baa3/BBB-/) softened about 1 bp to 92 bps bid, according to a market source.

The company’s bonds came in about 85 bps on June 16 to 92 bps bid after Amazon.com announced it will purchase the natural and organic foods grocer for $13.7 billion in cash.

Austin, Texas-based Whole Foods sold $1 billion of the notes on Nov. 30, 2015 at a Treasuries plus 300 bps spread.

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