Published on 9/14/2020 in the Prospect News High Yield Daily.
New Issue: Uber prices $500 million 7.3-year senior notes at par to yield 6¼%
By Paul A. Harris
Portland, Ore., Sept. 14 – Uber Technologies Inc. priced a $500 million issue of 7.3-year senior notes (B3/CCC+) at par to yield 6¼% in a Monday drive-by, according to market sources.
The yield printed tight to yield talk in the 6 3/8% area. Initial talk was in the 6½% area.
Lead left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Joint bookrunners were BofA Securities Inc., Barclays, Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC.
The San Francisco-based provider of vehicle-for-hire services plans to use the proceeds to refinance its senior notes due 2023.
| Issuer: | Uber Technologies Inc.
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| Amount: | $500 million
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| Maturity: | Jan. 15, 2028
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| Securities: | Senior notes
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| Lead left bookrunner: | Morgan Stanley & Co. LLC (bill and deliver)
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| Joint bookrunners: | BofA Securities Inc., Barclays, Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC
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| Co-managers: | HSBC Securities (USA) Inc., Deutsche Bank Securities Inc., RBC Capital Markets Corp. and SMBC Nikko Securities America Inc.
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| Coupon: | 6¼%
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| Price: | Par
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| Yield: | 6¼%
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| Spread: | 580 bps
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| First call: | Sept. 15, 2023 at 103.125
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| Trade date: | Sept. 14
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| Settlement date: | Sept. 16
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| Ratings: | Moody's: B3
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| S&P: CCC+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 6 3/8% area
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| Marketing: | Drive-by
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