Sensata Technologies driving by with $750 million 10.5-year notes; initial talk low 4% area

By Paul A. Harris

Portland, Ore., Aug. 3 – Sensata Technologies, Inc. plans to price a $750 million offering of senior notes due February 2031 (existing ratings Ba3/BB+) in a Monday drive-by trailing a late-morning conference call with investors, according to market sources.

Initial talk has the deal coming to yield in the very low 4% area, a trader said.

Joint bookrunner Barclays will bill and deliver. Goldman Sachs & Co. LLC, BofA Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and RBC Capital Markets LLC are the joint bookrunners.

The Rule 144A and Regulation S for life 10.5-year notes become callable after 5.5 years at par plus 50% of the coupon.

The Attleboro, Mass.-based supplier of sensing, electrical protection, control and power management solutions plans to use the proceeds to repay outstanding borrowings under its revolving credit facility and for general corporate purposes, which may include redeeming, along with cash on hand, all or a portion of the 6¼% senior notes due 2026 upon becoming callable in February 2021.

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