By Cristal Cody
Tupelo, Miss., May 8 – Paccar Financial Corp. offered further details about a $550 million sale of medium-term notes that priced in two tranches on Monday, according to an FWP filed with the Securities and Exchange Commission.
The issuer sold $250 million of three-year floating-rate notes at Libor plus 26 basis points with an issue price of par.
It also priced $300 million of 3.1% three-year fixed-rate notes at a spread of 48 bps over Treasuries. These notes priced at 99.974 to yield 3.109%.
BofA Merrill Lynch, BNP Paribas Securities Corp., MUFG, U.S. Bancorp Investments Inc., ANZ Securities, Inc., Scotia Capital (USA) Inc. and Westpac Capital Markets LLC were the bookrunners.
Paccar Financial is a financing arm of Bellevue, Wash.-based Paccar Inc.
Issuer: | Paccar Financial Corp.
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Amount: | $550 million
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Description: | Medium-term notes
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Call: | Non-callable
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Bookrunners: | BofA Merrill Lynch, BNP Paribas Securities Corp., MUFG, U.S. Bancorp Investments Inc., ANZ Securities, Inc., Scotia Capital (USA) Inc. and Westpac Capital Markets LLC
|
Trade date: | May 7
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Settlement date: | May 10
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Ratings: | Moody’s: A1
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| S&P: A+
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Three-year floaters
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Amount: | $250 million
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Description: | Floating-rate notes
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Maturity: | May 10, 2021
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Coupon: | Libor plus 26 bps
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Price: | Par
|
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Three-year notes
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Amount: | $300 million
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Description: | Fixed-rate notes
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Maturity: | May 10, 2021
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Coupon: | 3.1%
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Price: | 99.974
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Yield: | 3.109%
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Spread: | Treasuries plus 48 bps
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