Published on 4/9/2015 in the Prospect News High Yield Daily.
New Issue: Fiat Chrysler prices $3 billion of five-, eight-year senior notes
By Paul A. Harris
Portland, Ore., April 8 – Fiat Chrysler Automobiles NV priced a combined $3 billion of non-callable senior notes (B2/BB-) on Thursday in two tranches, according to a market source.
The deal included $1.5 billion of five-year notes, which priced at par to yield 4½%. The yield printed at the tight end of the 4½% to 4¾% yield talk.
The long-maturity tranche was comprised of $1.5 billion of eight-year notes, which priced at par to yield 5¼%. The eight-year notes priced in the middle of the 5 1/8% to 5 3/8% yield talk.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citigroup Global Markets, Goldman Sachs & Co., Morgan Stanley & Co. and UBS Investment Bank were the joint bookrunners.
The London-based auto maker plans to use the proceeds for general corporate purposes, which may include refinancing the secured notes of its subsidiary, FCA US LLC (formerly Chrysler Group LLC).
| Issuer: | Fiat Chrysler Automobiles NV
|
| Amount: | $3 billion
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citigroup Global Markets, Goldman Sachs & Co., Morgan Stanley & Co., UBS Investment Bank
|
| Co-managers: | Banca IMI, BNP Paribas, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Mediobanca, RBC Capital Markets, RBS, Santander, SG CIB, UniCredit
|
| Call protection: | Non-callable
|
| Trade date: | April 9
|
| Settlement date: | April 14
|
| Ratings: | Moody's; B2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Five-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | April 15, 2020
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 315 bps
|
| Price talk: | 4½% to 4¾%
|
|
|
| Eight-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | April 15, 2023
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 345 bps
|
| Price talk: | 5 1/8% to 5 3/8%
|
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