By Andrea Heisinger
New York, June 14 - Eaton Vance Corp. priced an upsized $325 million of 3.625% 10-year notes (A3/A-/) during Friday's session to yield Treasuries plus 155 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission..
The size was increased from $300 million.
Pricing was at 99.52 to yield 3.683%.
There will be a make-whole call at 25 bps over Treasuries until June 15, 2023, with a par call after that date. The notes feature a change-of-control put at 101%.
BofA Merrill Lynch and Morgan Stanley & Co. LLC were the active bookrunners. Citigroup Global Markets Inc. was a passive bookrunner.
Proceeds will be used to fund the purchase price of notes tendered for in a tender offer, including payment of accrued interest and any early tender premiums.
Boston-based investment management firm Eaton Vance was last in the U.S. bond market with a $500 million trade of 6.5% 10-year notes sold at 195 bps over Treasuries on Sept. 27, 2007.
| Issuer: | Eaton Vance Corp.
|
| Issue: | Notes
|
| Amount: | $325 million, upsized from $300 million
|
| Maturity: | June 15, 2023
|
| Bookrunners: | BofA Merrill Lynch and Morgan Stanley & Co. LLC (active), Citigroup Global Markets Inc. (passive)
|
| Co-manager: | Barclays
|
| Coupon: | 3.625%
|
| Price: | 99.52
|
| Yield: | 3.683%
|
| Spread: | Treasuries plus 155 bps
|
| Call: | Make-whole at Treasuries plus 25 bps to June 15, 2023, par call after
|
| Change-of-control put: | 101%
|
| Trade date: | June 14
|
| Settlement date: | June 25
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Distribution: | SEC registered
|
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