By Cristal Cody
Tupelo, Miss., April 15 – BMW US Capital, LLC priced $2.7 billion of senior notes (A1/A+) in four tranches on Monday, according to a market source.
The company sold $300 million of three-year floating-rate notes at Libor plus 53 basis points.
A $750 million tranche of 2.95% three-year fixed-rate notes priced with a spread of Treasuries plus 60 bps.
BMW sold $1 billion of 3.15% five-year notes at a spread of 80 bps over Treasuries.
The company priced $650 million of 3.625% 10-year notes at a spread of 110 bps over Treasuries.
BofA Merrill Lynch, J.P. Morgan Securities LLC, MUFG, RBC Capital Markets 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: | $2.7 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, MUFG, RBC Capital Markets LLC and Wells Fargo Securities LLC
|
| Trade date: | April 15
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Three-year floaters
|
| Amount: | $300 million
|
| Maturity: | April 14, 2022
|
| Coupon: | Libor plus 53 bps
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | April 14, 2022
|
| Coupon: | 2.95%
|
| Spread: | Treasuries plus 60 bps
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 18, 2024
|
| Coupon: | 3.15%
|
| Spread: | Treasuries plus 80 bps
|
|
|
| 10-year notes
|
| Amount: | $650 million
|
| Maturity: | April 18, 2029
|
| Coupon: | 3.625%
|
| Spread: | Treasuries plus 110 bps
|
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