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Morning Commentary: LabCorp prices notes; Commonwealth Edison plans two-part bond offering
By Devika Patel
Knoxville, Tenn., Aug. 16 – Wednesday was relatively quiet for the investment-grade primary market, with one deal pricing and one new deal announced.
Burlington, N.C.-based diagnostic technologies developer Laboratory Corp. of America Holdings priced a two-part sale of fixed-rate notes on Tuesday after the market close, and Chicago-based energy provider Commonwealth Edison Co. announced a two-tranche offering of first mortgage bonds.
LabCorp sells $1.2 billion
LabCorp priced a $1.2 billion offering of senior notes (Baa2/BBB) in two tranches on Tuesday.
The company sold a $600 million tranche of 3.25% seven-year notes at Treasuries plus 120 basis points. These notes priced at 99.775 to yield 3.286%.
LabCorp also priced a $600 million tranche of 3.6% 10-year notes at Treasuries plus 135 bps. These notes were priced at 99.849 to yield 3.618%.
BofA Merrill Lynch and Wells Fargo Securities LLC, Barclays, MUFG and TD Securities (USA) LLC were the bookrunning managers.
Proceeds will be used for general corporate purposes, including to repay at maturity the company’s 2.2% senior notes due Aug. 23, 2017 and to repay borrowings under its revolving credit facility.
Commonwealth Edison on tap
Commonwealth Edison intends to offer first mortgage bonds in two tranches, with a make-whole call and then a par call.
Mizuho Securities USA Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, CIBC Capital Markets and SMBC Nikko are the bookrunners.
KeyBanc Capital Markets Inc., Loop Capital Markets LLC and Williams Capital Group LP are the senior co-managers.
Proceeds will be used to refinance the $425 million 6.15% first mortgage bonds, series 106, due Sept. 15, 2017, to repay some commercial paper obligations and for general corporate purposes.
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