By Andrea Heisinger
New York, Sept. 20 - MassMutual Global Funding LLC sold an upsized $700 million of notes (Aa2/AA+/AA+) in two tranches on Monday, a source away from the sale said.
The $300 million of three-year floating-rate notes priced at par to yield Libor plus 50 basis points. The size of the tranche was increased from $275 million.
The second tranche was $400 million of 2.3% five-year fixed-rate notes priced at 99.939 to yield 2.313% with a spread of Treasuries plus 90 bps.
The tranches are both non-callable and were priced under Rule 144A and Regulation S.
Credit Suisse Securities, Jeffries Securities and Morgan Stanley & Co. Inc. were bookrunners.
The funding arm of Massachusetts Mutual Life Insurance Co. is based in Springfield, Mass.
| Issuer: | MassMutual Global Funding LLC
|
| Issue: | Notes
|
| Amount: | $700 million
|
| Bookrunners: | Credit Suisse Securities, Jeffries Securities, Morgan Stanley & Co. Inc.
|
| Distribution: | Rule 144A/Regulation S
|
| Trade date: | Sept. 20
|
| Settlement date: | Sept. 27
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
|
|
| Three-year floaters
|
| Amount: | $300 million, increased from $275 million
|
| Maturity: | Sept. 27, 2013
|
| Coupon: | Libor plus 50 bps
|
| Price: | Par
|
| Yield: | Libor plus 50 bps
|
| Call: | Non-callable
|
|
|
| Five-year notes
|
| Amount: | $400 million
|
| Maturity: | Sept. 28, 2015
|
| Coupon: | 2.3%
|
| Price: | 99.939
|
| Yield: | 2.313%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Non-callable
|
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