Published on 3/23/2016 in the Prospect News High Yield Daily.
New Issue: Fiat Chrysler sells €1.25 billion eight-year notes at par to yield 3¾%
By Paul A. Harris
Portland, Ore., March 23 – Fiat Chrysler Automobiles NV priced €1.25 billion of eight-year senior notes (B2/BB/BB-) at par to yield 3¾% on Wednesday, according to a market source.
The yield printed at the tight end of the 3¾% to 3 7/8% yield talk.
Joint bookrunner SG CIB will bill and deliver. Banca IMI, Credit Agricole CIB, Commerzbank, Credit Suisse, Deutsche Bank, Royal Bank of Scotland and UniCredit were also joint bookrunners.
The London-based automaker plans to use the proceeds for general corporate purposes.
| Issuer: | Fiat Chrysler Automobiles NV
|
| Amount: | €1.25 billion
|
| Maturity: | March 29, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | SG CIB (bill and deliver) Banca IMI, Credit Agricole CIB, Commerzbank, Credit Suisse, Deutsche Bank, Royal Bank of Scotland, UniCredit
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Spread: | Mid-swaps plus 338 bps
|
| Trade date: | March 23
|
| Settlement date: | March 30
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB
|
| Fitch: BB-
|
| Distribution: | Regulation S only
|
| Price talk: | 3¾% to 3 7/8%
|
| Marketing: | Quick to market
|
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