By Paul A. Harris
Portland, Ore., Jan. 24 – Oxford Finance LLC priced a $400 million issue of five-year senior notes (Ba3/B/BB-) at par to yield 6 3/8% on Monday, according to market sources.
The yield printed at the tight end of yield talk and initial guidance, both of which had been set in the 6½% area.
Timing was accelerated. The deal had been expected to remain in the market until Tuesday.
At 3 p.m. ET the deal was two-times oversubscribed, according to a trader who added that reverse inquiry was also a factor.
J.P. Morgan Securities LLC was the lead.
The Alexandria, Va.-based financial services provider, which will issue via subsidiary, Oxford Finance Co-Issuer II Inc., plans to use the proceeds to repay unsecured debt and for general corporate purposes.
| Issuer: | Oxford Finance Co-Issuer II Inc.
|
| Amount: | $400 million
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| Maturity: | Feb. 1, 2027
|
| Securities: | Senior notes
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| Lead bookrunner: | J.P. Morgan Securities LLC
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| Coupon: | 6 3/8%
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| Price: | Par
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| Yield: | 6 3/8%
|
| Spread: | 485 basis points
|
| First call: | Feb. 1, 2024 at 103.188
|
| Trade date: | Jan. 24
|
| Settlement date: | Feb. 7
|
| Ratings: | Moody's: Ba3
|
| S&P: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 6½% area
|
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