By Aleesia Forni
Virginia Beach, Sept. 21 – A.P. Moller – Maersk A/S priced $1 billion of senior notes on Monday in two parts, according to a market source and a company release.
The sale (Baa1/BBB+) included a $500 million tranche of 2.875% notes due Sept. 28, 2020 priced at 99.917 to yield 2.893% with a spread of Treasuries plus 140 bps.
The notes sold tight of guidance set in the Treasuries plus 145 bps area.
A $500 million 3.875% tranche due Sept. 28, 2025 sold at 98.994 to yield 3.998%, or Treasuries plus 180 bps.
Initially, the notes were talked in the Treasuries plus 180 bps area.
Bookrunners were BofA Merrill Lynch, BNP Paribas Securities Corp., Credit Agricole and J.P. Morgan Securities LLC.
Proceeds will be used for general corporate purposes.
The business conglomerate operating in global trade, transport and energy is based in Copenhagen.
| Issuer: | A.P. Moller - Maersk A/S
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| Issue: | Senior notes
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| Amount: | $1 billion
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| Bookrunners: | BofA Merrill Lynch, BNP Paribas Securities Corp., Credit Agricole, J.P. Morgan Securities LLC
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| Trade date: | Sept. 21
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| Ratings: | Moody’s: Baa1
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| Standard & Poor’s: BBB+
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| Distribution: | Rule 144A, Regulation S
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| Five-year notes
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| Amount: | $500 million
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| Maturity: | Sept. 28, 2020
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| Coupon: | 2.875%
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| Price: | 99.917
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| Yield: | 2.893%
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| Spread: | Treasuries plus 140 bps
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| Price guidance: | Treasuries plus 145 bps area
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| 10-year notes
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| Amount: | $500 million
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| Maturity: | Sept. 28, 2025
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| Coupon: | 3.875%
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| Price: | 98.994
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| Yield: | 3.998%
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| Spread: | Treasuries plus 180 bps
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| Price guidance: | Treasuries plus 180 bps area
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