By Andrea Heisinger
New York, Nov. 16 - Universal Corp. priced $100 million of 6.25% five-year senior unsecured notes on Monday to yield Treasuries plus 425 basis points, according to an FWP filing with the Securities and Exchange Commission.
The sale was done off the high-grade syndicate desk and went over the weekend after being announced on Friday.
The notes (Ba2/BBB-/) priced at 99.208 to yield 6.436%.
The notes have a make-whole call at Treasuries plus 50 bps and feature a change-of-control put of 101%.
Deutsche Bank Securities Inc. was the bookrunner.
Co-managers were J.P. Morgan Securities Inc., KeyBanc Capital Markets, RBS Securities Inc. and SunTrust Robinson Humphrey Inc.
Proceeds will be used to repay debt, including notes payable and overdrafts incurred to pay a recent medium-term note maturity.
The leaf tobacco producer and processor is based in Richmond, Va.
| Issuer: | Universal Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $100 million
|
| Maturity: | Dec. 1, 2014
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Co-managers: | J.P. Morgan Securities Inc., KeyBanc Capital Markets, RBS Securities Inc., SunTrust Robinson Humphrey Inc.
|
| Coupon: | 6.25%
|
| Price: | 99.208
|
| Yield: | 6.436%
|
| Spread: | Treasuries plus 425 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 19
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BBB-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
