By Andrea Heisinger
New York, Nov. 8 - Becton, Dickinson & Co. sold $1 billion of senior notes (A2/AA-/) in two parts late on Monday, an informed source said.
The $700 million of 3.25% 10-year notes sold at 99.949 to yield 3.256% with a spread of 70 basis points over Treasuries.
A $300 million tranche of 5% 30-year bonds priced at 99.599 to yield 5.026% with a spread of Treasuries plus 90 bps.
Both tranches have a make-whole call of 15 bps over Treasuries.
Goldman Sachs & Co. and Morgan Stanley & Co. Inc. were the bookrunners for the sale. J.P. Morgan Securities LLC was a passive bookrunner for the 10-year notes, and Citigroup Global Markets Inc. was a passive bookrunner for the 30-year bonds.
The proceeds are going toward general corporate purposes, including working capital, capital expenditures, the repurchase of stock and acquisitions.
The medical technology and supply company is based in Franklin Lakes, N.J.
| Issuer: | Becton, Dickinson & Co.
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Bookrunners: | Goldman Sachs & Co., Morgan Stanley & Co. Inc.
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 12
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: AA-
|
|
|
| 10-year notes
|
| Amount: | $700 million
|
| Maturity: | Nov. 12, 2020
|
| Passive bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 3.25%
|
| Price: | 99.949
|
| Yield: | 3.256%
|
| Spread: | Treasuries plus 70 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
|
|
| 30-year bonds
|
| Amount: | $300 million
|
| Maturity: | Nov. 12, 2040
|
| Passive bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 5%
|
| Price: | 99.599
|
| Yield: | 5.026%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
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