By Cristal Cody
Tupelo, Miss., March 28 – Keysight Technologies Inc. priced $700 million of 4.6% 10-year senior notes (Baa3/BBB-/BBB) on Tuesday at a spread of 220 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes were sold at 99.873 to yield 4.616%.
Goldman Sachs & Co., BNP Paribas Securities Corp., Barclays, Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the bookrunners.
The notes have a mandatory call at 101 if Keysight Technologies’ merger with Ixia does not close by Dec. 31.
The Santa Rosa, Calif.-based electronic measurement technology company intends to use the proceeds from the offering, together with the proceeds from a $400 million public sale of common shares and borrowings under an unsecured term loan facility, an unsecured revolving facility and possibly an unsecured bridge loan facility to finance the cash consideration for its planned acquisition of Ixia.
| Issuer: | Keysight Technologies Inc.
|
| Amount: | $700 million
|
| Description: | Senior notes
|
| Maturity: | April 6, 2027
|
| Bookrunners: | Goldman Sachs & Co., BNP Paribas Securities Corp., Barclays, Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC
|
| Coupon: | 4.6%
|
| Price: | 99.873
|
| Yield: | 4.616%
|
| Spread: | Treasuries plus 220 bps
|
| Call features: | Make-whole call at Treasuries plus 35 bps; on or after Jan. 6, 2027 at par; mandatory redemption at 101 if merger with Ixia does not close by Dec. 31
|
| Change-of-control put: | 101%
|
| Trade date: | March 28
|
| Settlement date: | April 6
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
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