Nissan Motor, DNB Bank, Blackstone, Hudson Pacific tap primary market; NetApp holds calls

By Cristal Cody

Tupelo, Miss., Sept. 25 – Several issuers tapped the high-grade primary market on Monday.

Nissan Motor Acceptance Corp. priced a $2 billion four-tranche offering of senior notes.

DNB Bank ASA priced $1.75 billion of three-year fixed- and floating-rate notes.

Blackstone Holdings Finance Co. LLC priced a $600 million two-part offering of guaranteed senior notes.

Hudson Pacific Properties, LP sold $400 million of 10-year senior notes.

In other action, NetApp Inc. (Baa2/BBB+/) held investor calls on Monday for a possible deal, a market source said. J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are arranging the calls.

NetApp is a storage and data management company based in Sunnyvale, Calif.

The Markit CDX North American Investment Grade 29 index closed mostly unchanged at a spread of 60 basis points.

Nissan prices $2 billion

Nissan Motor Acceptance priced $2 billion of senior notes (A2/A/) in four tranches on Monday, according to a market source.

Nissan Motor sold $300 million of three-year floating-rate notes at Libor plus 39 bps.

The company placed $550 million of 2.15% three-year fixed-rate notes at a spread of Treasuries plus 62 bps.

The $450 million tranche of five-year floating-rate notes priced at Libor plus 69 bps.

Nissan Motor sold $700 million of 2.6% five-year fixed-rate notes at a spread of 77 bps over Treasuries.

BofA Merrill Lynch, Barclays, J.P. Morgan Securities and TD Securities (USA) LLC were the bookrunners.

Nissan Motor Acceptance is an Irving, Texas-based financing and leasing arm of Nissan North America, Inc.

DNB raises $1.75 billion

DNB Bank priced $1.75 billion of three-year notes (Aa2/A+/) in two tranches on Monday, according to a market source.

The company sold $500 million of floating-rate notes at Libor plus 37 bps.

The $1.25 billion tranche of 2.125% three-year notes priced at a Treasuries plus 60 bps spread.

The bookrunners were Barclays, DNB, Goldman Sachs & Co. LLC, J.P. Morgan Securities and Morgan Stanley.

DNB Bank is an Oslo-based financial services group.

Blackstone sells two tranches

Blackstone Holdings Finance priced $600 million of guaranteed senior notes (/A+/A+) in two tranches in a Rule 144A and Regulation S offering on Monday, according to a market source and a press release.

The company sold $300 million of 3.15% 10-year notes at a spread of Treasuries plus 98 bps.

Blackstone priced $300 million of 4% 30-year notes at a Treasuries plus 138 bps spread.

Both tranches priced tighter than talk.

The 10-year notes were talked to price in the Treasuries plus 105 bps area, plus or minus 5 bps.

Talk on the 30-year tranche was in the Treasuries plus 145 bps area, plus or minus 5 bps.

The bookrunners were Citigroup Global Markets Inc., Barclays, Credit Agricole CIB and Credit Suisse Securities (USA) LLC.

The notes will be fully and unconditionally guaranteed by parent company Blackstone Group LP and its indirect subsidiaries, Blackstone Holdings I LP, Blackstone Holdings AI LP, Blackstone Holdings II LP, Blackstone Holdings III LP and Blackstone Holdings IV LP.

Proceeds will be used with cash on hand or available liquidity to repurchase all of the company’s 6.625% senior notes due 2019 in a tender offer and redeem any of the 2019 notes that remain outstanding after the tender.

The investment and advisory firm is based in New York.

Hudson sells $400 million

Hudson Pacific Properties sold $400 million of 3.95% 10-year senior notes (Baa3/BBB-/BBB-) on Monday at a spread of Treasuries plus 175 bps, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.815 to yield 3.972%.

Wells Fargo Securities LLC, BofA Merrill Lynch, Barclays, Goldman Sachs and Morgan Stanley were the bookrunners.

The notes will be guaranteed by Hudson Pacific Properties, Inc.

Proceeds will be used to repay $150 million of the operating partnership’s five-year term loan due April 2020, to repay borrowings under its revolving credit facility and for general corporate purposes.

Hudson Pacific is a Los Angeles-based real estate investment trust focused on office and media and entertainment properties in California.

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