By Cristal Cody
Tupelo, Miss., April 6 – BMW US Capital, LLC priced $4 billion of senior notes (A1/A+) in three tranches on Monday, according to a market source.
A $1.5 billion tranche of 3.8% three-year notes priced at a spread of Treasuries plus 350 basis points.
BMW sold $1.5 billion of 3.9% five-year notes at a spread of 350 bps over Treasuries.
Also, $1 billion of 4.15% 10-year notes priced at a spread of 350 bps over Treasuries.
All three tranches were initially talked to print at the Treasuries plus 387.5 bps spread area.
BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
Woodcliff Lake, N.J.-based BMW US Capital is the U.S. financing arm for the BMW German auto manufacturer.
| Issuer: | BMW US Capital, LLC
|
| Amount: | $4 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Trade date: | April 6
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Three-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | April 6, 2023
|
| Coupon: | 3.8%
|
| Spread: | Treasuries plus 350 bps
|
| Price guidance: | Treasuries plus 387.5 bps area
|
|
|
| Five-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | April 9, 2025
|
| Coupon: | 3.9%
|
| Spread: | Treasuries plus 350 bps
|
| Price guidance: | Treasuries plus 387.5 bps area
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 9, 2030
|
| Coupon: | 4.15%
|
| Spread: | Treasuries plus 350 bps
|
| Price guidance: | Treasuries plus 387.5 bps area
|
|
|
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