By Cristal Cody
Tupelo, Miss., April 5 – BMW US Capital, LLC priced $3.5 billion of notes (A1/A+/) in four tranches on Thursday, according to a market source.
The company sold $750 million of three-year floating-rate notes at Libor plus 41 basis points.
It priced $1 billion of 3.1% three-year fixed-rate notes at a spread of Treasuries plus 68 bps.
It also offered $1 billion of 3.45% five-year fixed-rate notes at a spread of 83 bps over Treasuries.
In the final tranche, BMW sold $750 million of 3.75% 10-year notes at a 93 bps spread over Treasuries.
Barclays, Citigroup Global Markets Inc., Credit Agricole CIB, TD Securities (USA) LLC and Wells Fargo Securities, LLC were the bookrunners.
Woodcliff Lake, N.J.-based BMW US Capital is the U.S. financing arm for German auto manufacturer BMW.
| Issuer: | BMW US Capital, LLC
|
| Amount: | $3.5 billion
|
| Description: | Notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Credit Agricole CIB, TD Securities (USA) LLC and Wells Fargo Securities, LLC
|
| Trade date: | April 5
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Three-year floaters
|
| Amount: | $750 million
|
| Maturity: | April 12, 2021
|
| Coupon: | Libor plus 41 bps
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 12, 2021
|
| Coupon: | 3.1%
|
| Spread: | Treasuries plus 68 bps
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 12, 2023
|
| Coupon: | 3.45%
|
| Spread: | Treasuries plus 83 bps
|
|
|
| Ten-year notes
|
| Amount: | $750 million
|
| Maturity: | April 12, 2028
|
| Coupon: | 3.75%
|
| Spread: | Treasuries plus 93 bps
|
|
|
|
|
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