By Cristal Cody
Tupelo, Miss., June 18 – Bayer AG affiliate Bayer US Finance II LLC (Baa1/BBB/A-) priced $15 billion of senior notes in eight tranches in a Rule 144A and Regulation S offering on Monday, according to a market source.
The company sold $1.25 billion of three-year floating-rate notes at Libor plus 63 basis points.
The $1.25 billion tranche of 3.5% three-year fixed-rate notes priced with a spread of Treasuries plus 85 bps.
Bayer priced $1.25 billion of 5.5-year floating-rate notes at Libor plus 101 bps.
The company sold $2.25 billion of 3.875% 5.5-year fixed-rate notes with a spread of 115 bps over Treasuries.
In a 7.5-year tranche, Bayer priced $2.5 billion of 4.25% notes with a Treasuries plus 140 bps spread.
The $3.5 billion of 4.375% 10.5-year notes were sold with a spread of 155 bps over Treasuries.
Bayer placed $1 billion of 4.625% 20-year notes at a 170 bps over Treasuries spread.
In the final tranche, the company priced $2 billion of 4.875% 30-year notes with a spread of 185 bps over Treasuries.
BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC were the bookrunners.
The company held three days of fixed income investor calls that ended Friday for the deal.
Bayer closed June 7 on its $63 billion acquisition of Monsanto Co.
The health care and agriculture products company is based in Leverkusen, Germany.
| Issuer: | Bayer US Finance II LLC
|
| Amount: | $15 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC
|
| Trade date: | June 18
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Fitch: A-
|
| Distribution: | Rule 144A, Regulation S
|
| Marketing: | Fixed income investor calls
|
|
|
| Three-year floaters
|
| Amount: | $1.25 billion
|
| Maturity: | June 25, 2021
|
| Coupon: | Libor plus 63 bps
|
|
|
| Three-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | June 25, 2021
|
| Coupon: | 3.5%
|
| Spread: | Treasuries plus 85 bps
|
|
|
| 5.5-year floaters
|
| Amount: | $1.25 billion
|
| Maturity: | Dec. 15, 2023
|
| Coupon: | Libor plus 101 bps
|
|
|
| 5.5-year notes
|
| Amount: | $2.25 billion
|
| Maturity: | Dec. 15, 2023
|
| Coupon: | 3.875%
|
| Spread: | Treasuries plus 115 bps
|
|
|
| 7.5-year notes
|
| Amount: | $2.5 billion
|
| Maturity: | Dec. 15, 2025
|
| Coupon: | 4.25%
|
| Spread: | Treasuries plus 140 bps
|
|
|
| 10.5-year notes
|
| Amount: | $3.5 billion
|
| Maturity: | Dec. 15, 2028
|
| Coupon: | 4.375%
|
| Spread: | Treasuries plus 155 bps
|
|
|
| 20-year notes
|
| Amount: | $1 billion
|
| Maturity: | June 25, 2038
|
| Coupon: | 4.625%
|
| Spread: | Treasuries plus 170 bps
|
|
|
| 30-year notes
|
| Amount: | $2 billion
|
| Maturity: | June 25, 2048
|
| Coupon: | 4.875%
|
| Spread: | Treasuries plus 185 bps
|
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