By Paul A. Harris
Portland, Ore., Nov. 17 – Volvo Car priced a €500 million issue of senior notes due Jan. 24, 2025 (Ba2/BB+) at par to yield 2% on Friday, according to a market source.
The yield printed 12.5 basis points beneath the tight end of the 2 1/8% to 2¼% final price talk, the source said, adding that at the tight end of that talk orders came to €2.3 billion. The deal was launched into the market earlier Friday with initial guidance of 2 3/8% to 2½%.
Citigroup, Deutsche Bank, ING and JPMorgan were the physical bookrunners. BNP Paribas, Lloyds and SG were passive bookrunners.
The issuer is a Gothenburg, Sweden-based car and truck manufacturer.
| Issuer: | Volvo Car
|
| Amount: | €500 million
|
| Maturity: | Jan. 24, 2025
|
| Securities: | Senior notes
|
| Physical bookrunners: | Citigroup, Deutsche Bank, ING and JPMorgan
|
| Passive bookrunners: | BNP Paribas, Lloyds, SG
|
| Coupon: | 2%
|
| Price: | Par
|
| Yield: | 2%
|
| Trade date: | Nov. 17
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 2 1/8% to 2¼%
|
| Marketing: | Pre-marketed
|
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