By Cristal Cody
Chicago, Dec. 8 – GA Global Funding Trust priced an upsized $600 million of 1.25% funding agreement-backed notes with a two-year tenor on Tuesday, according to a market source.
The issue size doubled while it was in the market, starting at $300 million.
Pricing came 10 basis points low to talk. The notes priced with a Treasuries plus 60 bps spread.
BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the bookrunners for the Rule 144A and Regulation S issue.
The issuer is a special purpose statutory trust in Delaware.
| Issuer: | GA Global Funding Trust
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| Amount: | $600 million
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| Issue: | FA-backed notes
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| Maturity: | Dec. 8, 2023
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| Bookrunners: | BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC
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| Coupon: | 1.25%
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| Spread: | Treasuries plus 60 bps
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| Trade date: | Dec. 7
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Treasuries plus 70 bps area
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