Published on 8/7/2019 in the Prospect News Investment Grade Daily.
New Issue: McDonald’s sells $2 billion of senior medium-term notes in two parts
By Cristal Cody
Tupelo, Miss., Aug. 7 – McDonald’s Corp. sold $2 billion of senior medium-term notes (Baa1/BBB+) in two tranches on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
McDonald’s priced $1 billion of 2.625% 10-year notes at 99.264 to yield 2.709%, or a spread of Treasuries plus 100 basis points.
A $1 billion tranche of 3.625% 30-year notes priced at 99.075 to yield 3.732%. The notes came at a Treasuries plus 150 bps spread.
BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG, SG Americas Securities, LLC, Goldman Sachs & Co. LLC, SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC were the bookrunners.
The fast food chain is based in Chicago.
| Issuer: | McDonald’s Corp.
|
| Amount: | $2 billion
|
| Description: | Senior medium-term notes
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG, SG Americas Securities, LLC, Goldman Sachs & Co. LLC, SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
|
| Trade date: | Aug. 7
|
| Settlement date: | Aug. 12
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 1, 2029
|
| Coupon: | 2.625%
|
| Price: | 99.264
|
| Yield: | 2.709%
|
| Spread: | Treasuries plus 100 bps
|
| Call features: | Make-whole call before June 1, 2029 at price equal to greater of par or Treasuries plus 15 bps; thereafter at par
|
|
|
| 30-year notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 1, 2049
|
| Coupon: | 3.625%
|
| Price: | 99.075
|
| Yield: | 3.732%
|
| Spread: | Treasuries plus 150 bps
|
| Call features: | Make-whole call before March 1, 2049 at price equal to greater of par or Treasuries plus 25 bps; thereafter at par
|
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