By Cristal Cody
Tupelo, Miss., April 16 – Walmart Inc. priced $4 billion of fixed-rate senior notes (Aa2/AA/AA) in three tranches on the tight side of guidance on Tuesday, according to a market source.
A $1.5 billion tranche of 2.85% five-year notes priced with a Treasuries plus 47 basis points spread.
The $1.25 billion of 3.05% seven-year notes came at a spread of 57 bps over Treasuries.
Walmart sold $1.25 billion of 3.25% 10-year notes with a Treasuries plus 67 bps spread.
Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp. and NatWest Markets Securities Inc. were the managers.
Proceeds will be used for general corporate purposes, including debt repayment.
The discount retailer is based in Bentonville, Ark.
| Issuer: | Walmart Inc.
|
| Amount: | $4 billion
|
| Description: | Senior notes
|
| Managers: | Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp. and NatWest Markets Securities Inc
|
| Trade date: | April 16
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
| Fitch: AA
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | July 8, 2024
|
| Coupon: | 2.85%
|
| Spread: | Treasuries plus 47 bps
|
| Price guidance: | Treasuries plus 50 bps area; initial talk at Treasuries plus low 60 bps area
|
|
|
| Seven-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | July 8, 2026
|
| Coupon: | 3.05%
|
| Spread: | Treasuries plus 57 bps
|
| Price guidance: | Treasuries plus 60 bps area; initial talk at Treasuries plus low 70 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | July 8, 2029
|
| Coupon: | 3.25%
|
| Spread: | Treasuries plus 67 bps
|
| Price guidance: | Treasuries plus 70 bps area; initial talk at Treasuries plus low 80 bps area
|
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