By Paul A. Harris
Portland, Ore., Nov. 12 – Sensata Technologies Holding NV priced $750 million issue of 10.25-year senior notes (Ba3/BB) at par to yield 6¼% on Thursday, according to a market source.
The yield printed on top of yield talk.
BofA Merrill Lynch, Barclays, Morgan Stanley & Co., Goldman Sachs & Co., Mizuho Securities and RBC Capital Markets were the joint bookrunners.
The Almelo, Netherlands-based industrial technology company plans to use the proceeds, together with up to $250 million of borrowings under its revolver and cash on hand, to finance the acquisition of the sensing portfolio of Custom Sensors & Technologies, Inc., and related sales, manufacturing and engineering sites in the United States, United Kingdom, Germany, France, China and Mexico.
The notes will be subject to a special mandatory redemption if the acquisition is not consummated.
Sensata engages in the development, manufacture and sale of sensors and controls.
| Issuer: | Sensata Technologies UK Financing Co. plc
|
| Amount | $750 million
|
| Maturity: | Feb. 15, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Morgan Stanley & Co., Goldman Sachs & Co., Mizuho Securities, RBC Capital Markets
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 394 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Feb. 15, 2021, then callable at a premium
|
| Equity clawback: | 40% at 106.25 until Feb. 15, 2019
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% area
|
| Marketing: | Quick to market
|
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