By Cristal Cody
Tupelo, Miss., March 1 – Harborwalk Funding Trust sold $800 million of 5.077% fixed-to-floating rate notes due Feb. 15, 2069 (A1/AA-/AA-) on Thursday at a spread of 200 basis points over Treasuries, according to a market source.
Initial price talk was in the low 200 bps area over Treasuries.
The rate on the precapitalized trust securities will reset to a floating rate of Libor plus 319.1 bps after the initial fixed-rate period.
BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC were the bookrunners.
The P-Caps have a mandatory call on Feb. 15, 2049.
The issuer held fixed income investor calls on Tuesday and Wednesday.
Harborwalk Funding Trust is a financing trust for Springfield, Mass.-based Massachusetts Mutual Life Insurance Co.
| Issuer: | Harborwalk Funding Trust
|
| Amount: | $800 million
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | Feb. 15, 2069
|
| Bookrunners: | BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC
|
| Coupon: | 5.077%; resets to floating rate of Libor plus 319.1 bps after initial fixed-rate period
|
| Spread: | Treasuries plus 200 bps
|
| Call feature: | Feb. 15, 2049
|
| Trade date: | Feb. 28
|
| Ratings: | Moody’s: A1
|
| S&P: AA-
|
| Fitch: AA-
|
| Distribution: | Rule 144A
|
| Marketing: | Fixed income investor calls
|
| Price guidance: | Treasuries plus low 200 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
