By Andrea Heisinger
New York, Oct. 10 - MassMutual Global Funding II priced an upsized $500 million of 2.5% 10-year notes on Wednesday at a spread of 90 basis points over Treasuries, an informed source told Prospect News.
The deal size was increased from $300 million.
The notes (Aa2/AA+/AA+) were sold tighter than guidance in the range of 95 bps to 100 bps over Treasuries.
Pricing was at 99.255 to yield 2.585%. There is no call option.
The sale was done under Rule 144A and Regulation S.
Barclays, Deutsche Bank Securities Inc. and U.S. Bancorp Investments Inc. were the bookrunners.
MassMutual Global Funding last sold bonds in a $600 million sale in two tranches on April 14, 2010.
The issuing unit of Massachusetts Mutual Life Insurance Co. is based in Springfield, Mass.
| Issuer: | MassMutual Global Funding II
|
| Issue: | Notes
|
| Amount: | $500 million, upsized from $300 million
|
| Maturity: | Oct. 17, 2022
|
| Bookrunners: | Barclays, Deutsche Bank Securities Inc., U.S. Bancorp Investments Inc.
|
| Coupon: | 2.5%
|
| Price: | 99.255
|
| Yield: | 2.585%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Non-callable
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | Oct. 10
|
| Settlement date: | Oct. 17
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Price talk: | 95 bps to 100 bps
|
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