By Aleesia Forni
New York, Dec. 1 – Synchrony Financial priced a $1 billion issue of 2.6% three-year senior notes (/BBB-/BBB-) on Tuesday with a spread of Treasuries plus 142 basis points, a market source said.
The notes sold at 99.974 to yield 2.608%.
Pricing came at the tight end of talk set in the Treasuries plus 145 bps area and tighter than initial price thoughts in the 155 bps to 160 bps range over Treasuries.
Citigroup Global Markets Inc., Barclays, Guggenheim Securities and RBC Capital Markets LLC are the bookrunners.
Proceeds will be used to prepay outstanding amounts under the company’s bank term loan facility, to invest in liquid assets to further increase the size of its liquidity portfolio or for other additional uses.
Synchrony is a consumer financial services company based in Stamford, Conn.
| Issuer: | Synchrony Financial
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Maturity: | Jan. 15, 2019
|
| Bookrunners: | Citigroup Global Markets Inc., Barclays, Guggenheim Securities, RBC Capital Markets LLC
|
| Coupon: | 2.6%
|
| Price: | 99.974
|
| Yield: | 2.608%
|
| Spread: | Treasuries plus 142 bps
|
| Make-whole call: | Treasuries plus 25 bps prior to Dec. 15, 2018, then callable at par
|
| Trade date: | Dec. 1
|
| Settlement date: | Dec. 4
|
| Ratings: | Standard & Poor’s: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 145 bps area, Treasuries plus 155 bps to 160 bps
|
© 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.
