Ford sells $600 million; Union Electric, Camden, Paccar price notes

By Devika Patel

Knoxville, Tenn., Sept. 23 – Primary activity in the investment-grade bond market on Monday saw four new deals pricing and one announced.

Ford Motor Credit Co. LLC, the financing arm of Dearborn, Mich.-based automaker Ford Motor Co., launched $600 million of 3.55% three-year notes, and St. Louis-based Union Electric Co., a public utility holding company and unit of Ameren Corp., reported that it priced $330 million of 30-year 3.25% first mortgage bonds.

Also, Houston-based REIT Camden Property Trust sold $300 million of 3.35% notes due Nov. 1, 2049 and Paccar Financial Corp., a financing arm of Bellevue, Wash.-based Paccar Inc., priced $300 million of three-year 2% medium-term notes.

In addition, retirement and life insurance products provider Global Atlantic (Fin) Co. announced that it will offer senior notes due 2029.

Ford prices $600 million

Ford Motor Credit sold $600 million of 3.55% three-year notes at 99.919 to yield 3.578% on Monday.

Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc. were the bookrunners.

Union Electric sells bonds

Union Electric priced $330 million of 30-year 3.25% first mortgage bonds at a spread of 112 basis points over Treasuries.

The notes priced at 99.657 to yield 3.268%.

J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and KeyBanc Capital Markets Inc. were the bookrunners.

Proceeds will be used to repay at maturity $244.3 million of the company’s 5.1% senior secured notes due Oct. 1, 2019 and to repay a portion of its short-term debt.

Camden launches $300 million

Camden Property Trust priced $300 million of 3.35% notes due Nov. 1, 2049 at a spread of 122 bps over Treasuries.

The notes priced at 99.941 to yield 3.353%.

BofA Securities, Inc., Jefferies LLC, J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used for the early redemption of all of the company’s $250 million of 4.625% senior notes due 2021 and to repay all of the approximately $45.5 million of its 4.38% secured conventional mortgage note due 2045.

Paccar prices $300 million

Paccar Financial sold $300 million of three-year 2% medium-term notes at a spread of 45 bps over Treasuries on Monday.

The notes priced at 99.878 to yield 2.042%.

BofA Securities, Inc., RBC Capital Markets Corp., Lloyds Securities Inc., TD Securities (USA) LLC, ING Financial Markets LLC, Scotia Capital (USA) Inc. and Williams Capital Group LP were the bookrunners.

Global Atlantic eyes notes

Global Atlantic began a private offering of senior notes due 2029.

The notes will be guaranteed on a senior unsecured basis by the parent.

Proceeds from the Rule 144A and Regulation S offering will be used to repay borrowings under the company’s revolving credit facility which matures in May 2023 and for general corporate purposes.

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