By Paul A. Harris
Portland, Ore., Oct. 3 - CNH Capital LLC priced a $500 million issue of 3¼% non-callable senior notes due Feb. 1, 2017 (expected Ba1/confirmed BB) at par to yield 3.251% on Thursday, according to a syndicate source.
The yield printed at the tight end of the 3¼% to 3 3/8% yield talk.
Joint active bookrunner BofA Merrill Lynch will bill and deliver. Citigroup Global Markets Inc., Credit Agricole CIB and Morgan Stanley & Co. LLC were also joint active bookrunners.
Proceeds will be used to fund working capital and for general corporate purposes.
CNH Capital is a wholly owned subsidiary of Burr Ridge, Ill.-based CNH Industrial, a manufacturer of agricultural and construction equipment.
| Issuer: | CNH Capital LLC
|
| Amount: | $500 million
|
| Maturity: | Feb. 1, 2017
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch (bill and deliver), Citigroup Global Markets Inc., Credit Agricole CIB, Morgan Stanley & Co. LLC
|
| Coupon: | 3¼%
|
| Price: | Par
|
| Yield: | 3.251%
|
| Spread: | 265 bps
|
| Call protection: | Non-callable
|
| Trade date: | Oct. 3
|
| Settlement date: | Oct. 8
|
| Ratings: | Moody's: Expected Ba1
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 3¼% to 3 3/8%
|
| Marketing: | Quick to market
|
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