By Andrea Heisinger
New York, Aug. 18 - 3M Co. priced $850 million of 4.375% five-year medium-term notes Monday to yield Treasuries plus 135 basis points, an informed source said.
The non-callable notes (Aa1/AA/) priced at 99.824 to yield 4.415%.
The notes priced in line with price talk that was in the 135 bps area, a source said.
Agents were Goldman Sachs & Co. and Citigroup Global Markets Inc.
The diversified technology company is based in St. Paul, Minn.
| Issuer: | 3M Co.
|
| Issue: | Medium-term notes
|
| Amount: | $850 million
|
| Maturity: | Aug. 15, 2013
|
| Bookrunners: | Goldman Sachs & Co., Citigroup Global Markets Inc.
|
| Coupon: | 4.375%
|
| Price: | 99.824
|
| Yield: | 4.415%
|
| Spread: | Treasuries plus 135 bps
|
| Call: | Non-callable
|
| Trade date: | Aug. 18
|
| Settlement date: | Aug. 21
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Price talk: | 135 bps area
|
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