Philip Morris, Western Union, Apple, E*Trade price notes; LabCorp plans two-part notes

By Devika Patel

Knoxville, Tenn., Aug. 15 – Primary activity in the investment-grade bond market on Monday saw four deals price and one new deal come to market, with New York producer of cigarette and tobacco products Philip Morris International Inc. pricing a two-part sale of fixed-rate notes; Englewood, Colo.-based money transfer network Western Union Co. pricing $350 million of fixed- and floating-rate notes in two tranches; Cupertino, Calif., computer and mobile communications device company Apple Inc. pricing a C$2.5 billion sale of seven-year 2.513% notes; and New York online brokerage firm E*Trade Financial Corp. pricing a $1 billion offering of fixed-rate senior notes in two tranches. Burlington, N.C.-based diagnostic technologies developer Laboratory Corp. of America Holdings is marketing a two-tranche sale of senior notes, including an add-on to its 3.6% senior notes (Baa2/BBB/BBB+) due 2022.

Philip Morris priced $750 million of 2.375% five-year notes at Treasuries plus 70 basis points and $500 million of 3.125% 10-year notes at a spread of 95 bps over Treasuries.

Western Union sold $250 million of two-year floating-rate notes at par to yield Libor plus 80 bps and a $100 million add-on to its 3.6% senior notes (Baa2/BBB/BBB+) due March 15, 2022.

E*Trade sold $600 million of five-year 2.95% notes with a Treasuries plus 115 bps spread and $400 million of 10-year 3.8% notes with a Treasuries plus 155 bps spread.

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