Published on 4/3/2023 in the Prospect News Investment Grade Daily.
New Issue: McCormick sells $500 million 4.95% 10-year notes at Treasuries plus 153 bps spread
By Wendy Van Sickle
Columbus, Ohio, April 3 – McCormick & Co., Inc. priced $500 million of 4.95% 10-year senior notes (Baa2/BBB) on Monday at 99.936 to yield 4.958%, or with a spread of Treasuries plus 153 basis points, according to an FWP filing with the Securities and Exchange Commission.
BofA Securities, Inc., Truist Securities, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Mizuho Securities USA LLC and U.S. Bancorp Investments, Inc. were the bookrunners.
Proceeds will be used to repay a portion of the company’s outstanding commercial paper borrowings.
McCormick is a spice, seasoning mixes and condiments company based in Hunt Valley, Md.
| Issuer: | McCormick & Co., Inc.
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| Amount: | $500 million
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| Description: | Senior notes
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| Maturity: | April 15, 2033
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| Bookrunners: | BofA Securities, Inc., Truist Securities, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Mizuho Securities USA LLC and U.S. Bancorp Investments, Inc.
|
| Co-managers: | Citizens Capital Markets, Inc., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., ING Financial Markets LLC, M&T Securities, Inc. and PNC Capital Markets LLC
|
| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | Wilmer Cutler Pickering Hale and Dorr LLP
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| Counsel to underwriters: | Weil, Gotshal & Manges LLP
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| Coupon: | 4.95%
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| Price: | 99.936
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| Yield: | 4.958%
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| Spread: | Treasuries plus 153 bps
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| Call features: | Make-whole call at Treasuries plus 25 bps before Jan. 15, 2033; par call after that
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| Put option: | At 101 upon change-of-control triggering event
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| Trade date: | April 3
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| Settlement date: | April 6
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Distribution: | SEC registered
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| Cusip: | 579780AT4
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