Published on 9/29/2020 in the Prospect News Investment Grade Daily.
New Issue: Best Buy prices upsized $650 million 1.95% 10-year notes at 135 bps spread
By Cristal Cody
Tupelo, Miss., Sept. 29 – Best Buy Co., Inc. priced an upsized $650 million of 1.95% 10-year senior notes (Baa1/BBB) on Tuesday at 99.612 to yield 1.993%, or a Treasuries plus 135 basis points spread, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were talked to print in the 160 bps spread area.
The offering was upsized from $500 million.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc. and U.S. Bancorp Investments, Inc. were the bookrunners.
Best Buy held fixed income investor calls for the offering on Monday.
Proceeds will be used for general corporate purposes.
The consumer electronics retailer is based in Richfield, Minn.
| Issuer: | Best Buy Co., Inc.
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| Amount: | $650 million
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| Description: | Senior notes
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| Maturity: | Oct. 1, 2030
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| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc. and U.S. Bancorp Investments, Inc.
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| Senior co-managers: | BBVA Securities Inc., ICBC Standard Bank plc, MUFG and RBC Capital Markets, LLC
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| Co-managers: | BNP Paribas Securities Corp., Loop Capital Markets LLC, Standard Chartered Bank and Wells Fargo Securities, LLC
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| Coupon: | 1.95%
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| Price: | 99.612
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| Yield: | 1.993%
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| Spread: | Treasuries plus 135 bps
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| Call feature: | Make-whole call at Treasuries plus 25 bps before July 1, 2030; thereafter at par
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| Trade date: | Sept. 29
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| Settlement date: | Oct. 1
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| Ratings: | Moody’s: Baa1
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| S&P: BBB
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 160 bps area
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| Marketing: | Fixed income investor calls
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