By Cristal Cody
Tupelo, Miss., Aug. 8 – BMW US Capital, LLC priced $3 billion of senior notes (A1/A+/) in five tranches on Tuesday, according to a market source.
The company sold $750 million of two-year floating-rate notes at Libor plus 37 basis points.
BMW priced $500 million of 3.25% two-year fixed-rate notes at a spread of Treasuries plus 58 bps.
It also offered a $750 million tranche of three-year floating-rate notes priced at Libor plus 50 bps.
BMW sold $500 million of the 3.4% three-year fixed-rate notes with a spread of 68 bps over Treasuries.
The company priced $500 million of 3.5% 10-year fixed-rate notes at a spread of 100 bps over Treasuries.
Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc. were the bookrunners.
Woodcliff Lake, N.J.-based BMW US Capital is the U.S. financing arm for German auto manufacturer BMW AG.
| Issuer: | BMW US Capital, LLC
|
| Amount: | $3 billion
|
| Description: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc.
|
| Trade date: | Aug. 7
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Two-year floaters
|
| Amount: | $750 million
|
| Maturity: | Aug. 14, 2020
|
| Coupon: | Libor plus 37 bps
|
|
|
| Two-year notes
|
| Amount: | $500 million
|
| Maturity: | Aug. 14, 2020
|
| Coupon: | 3.25%
|
| Spread: | Treasuries plus 58 bps
|
|
|
| Three-year floaters
|
| Amount: | $750 million
|
| Maturity: | Aug. 13, 2021
|
| Coupon: | Libor plus 50 bps
|
|
|
| Three-year notes
|
| Amount: | $500 million
|
| Maturity: | Aug. 13, 2021
|
| Coupon: | 3.4%
|
| Spread: | Treasuries plus 68 bps
|
|
|
| Ten-year notes
|
| Amount: | $500 million
|
| Maturity: | Aug. 14, 2028
|
| Coupon: | 3.5%
|
| Spread: | Treasuries plus 100 bps
|
|
|
|
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