Published on 12/10/2014 in the Prospect News Investment Grade Daily.
New Issue: UPS sells $90.34 million floaters due 2064 at Libor minus 30 bps
By Aleesia Forni
Virginia Beach, Dec. 10 – United Parcel Service, Inc. sold $90,343,000 of floating-rate senior notes (Aa3/A+/) due 2064 on Wednesday at par to yield Libor minus 30 basis points, according to an FWP filing with the Securities and Exchange Commission.
Bookrunners were UBS Securities LLC, BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
The notes are callable on Dec. 15, 2044 at 105 and then at amounts declining annually by 50 bps until Dec. 15, 2054, when the notes are callable at par.
The notes are putable on each Dec. 15 from 2015 to 2019 at 98, on each Dec. 15 from 2020 to 2024 at 99 and on Dec. 15, 2025 and every third year thereafter at par.
Proceeds will be used for general corporate purposes.
The package delivery and supply chain management company is based in Atlanta.
| Issuer: | United Parcel Service, Inc.
|
| Amount: | $90,343,000
|
| Description: | Floating-rate senior notes
|
| Maturity: | Dec. 15, 2064
|
| Bookrunners: | UBS Securities LLC, BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
|
| Coupon: | Libor minus 30 bps
|
| Price: | Par
|
| Yield: | Libor minus 30 bps
|
| Call features: | Callable on Dec. 15, 2044 at 105 and then at amounts declining annually by 50 bps until Dec. 15, 2054, when the notes are callable at par
|
| Put option: | Putable on each Dec. 15 from 2015 to 2019 at 98, on each Dec. 15 from 2020 to 2024 at 99 and on Dec. 15, 2025 and every third year thereafter at par
|
| Trade date: | Dec. 10
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A+
|
| Distribution: | SEC registered
|
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