By Cristal Cody
Chicago, Sept. 10 – Denso Corp. sold $500 million of 1.239% five-year sustainability notes (A2/A+) on Thursday, a market source reported.
The notes priced with a Treasuries plus 45 basis points spread, low to tightened spread talk in the 65 bps area.
Initial spread talk had expected the notes in the 70 bps area.
BofA Securities, Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are bookrunners for the Rule 144A and Regulation S transaction.
Denso is an auto parts maker with headquarters in Kariya, Japan. The company is historically related to the Toyota Group.
| Issuer: | Denso Corp.
|
| Issue: | Sustainability notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 16, 2026
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC
|
| Coupon: | 1.239%
|
| Spread: | Treasuries plus 45 bps
|
| Trade date: | Sept. 9
|
| Ratings: | Moody’s: A2
|
| S&P: A+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 65 bps area; tightened from earlier talk in Treasuries plus 70 bps area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
