By Paul A. Harris
St. Louis, June 5 - Fiat North America Inc. priced a €1 billion issue of 5 5/8% 10-year global medium-term notes (Ba2/BB+/BB) at a 98 basis point spread to mid-swaps on Tuesday, according to a market source.
The issue was priced on top of price talk that had been lowered from mid-swaps plus 100 bps earlier in the day.
The notes were sold at a reoffered price of 99.232 resulting in a 5.73% yield to maturity.
BNP Paribas, UBS and Calyon Securities managed the sale.
The issuer is the North American subsidiary of Milan, Italy-based Fiat SpA.
| Issuer: | Fiat North America Inc.
|
| Amount: | €1 billion
|
| Maturity: | June 12, 2017
|
| Security description: | Global medium-term notes
|
| Bookrunners: | BNP Paribas, UBS, Calyon Securities
|
| Coupon: | 5 5/8%
|
| Spread to mid-swaps: | 98 bps
|
| Reoffer price: | 99.232
|
| Yield: | 5.73%
|
| Trade date: | June 5
|
| Settlement date: | June 12
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Fitch: BB
|
| Distribution: | Global medium-term notes
|
| Price talk: | Mid-swaps plus 98 bps, lowered from mid-swaps plus 100 bps
|
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