By Cristal Cody
Chicago, Jan. 12 – Mercedes-Benz Finance North America LLC priced a $3.75 billion offering of notes in five tranches, according to information from a market source.
Two notes have the same Jan. 9, 2026 maturity date.
The company priced $650 million of floating-rate notes and $700 million of fixed-rate notes with that two-year term.
The floaters priced with a SOFR plus 67 basis points coupon. The companion piece priced with a 4.9% coupon, at Treasuries plus 55 bps. Initial talk was in the 75 bps area.
An $800 million three-year series came with a 4.8% coupon, or at 70 bps to Treasuries and 20 bps lower than talk in the 90 bps area.
The automaker also priced $850 million of 4.85% five-year notes. The 90 bps spread came 20 bps lower than talk in the Treasuries plus 110 bps area.
Mercedes also sold $750 million of 10-year notes. The 5% coupon meant that pricing came 100 bps over the benchmark Treasury, or 25 bps better than talk in the 125 bps area.
The deal was led by BofA Securities, Inc., Credit Agricole CIB, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and MUFG Securities Americas Inc. Mizuho Securities USA Inc. was also a bookrunner.
The issuer operates as a special purpose entity. It was formed for the purpose of issuing debt securities to repay existing credit facilities, to refinance debt and for acquisition purposes.
| Issuer: | Mercedes-Benz Finance North America LLC
|
| Amount: | $3.75 billion
|
| Issue: | Notes
|
| Bookrunners: | BofA Securities, Inc., Credit Agricole CIB, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., MUFG Securities Americas Inc. and Mizuho Securities USA Inc.
|
| Trade date: | Jan. 8
|
|
|
| Floaters
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| Amount: | $650 million
|
| Issue: | Floating-rate notes
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| Maturity: | Jan. 9, 2026
|
| Coupon: | SOFR plus 67 bps
|
| Price talk: | SOFR plus equivalent spread
|
|
|
| Two-year fixed
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| Amount: | $700 million
|
| Maturity: | Jan. 9, 2026
|
| Coupon: | 4.9%
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| Spread: | Treasuries plus 55 bps
|
| Price talk: | Treasuries plus 75 bps area
|
|
|
| Three-year notes
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| Amount: | $800 million
|
| Maturity: | Jan. 11, 2027
|
| Coupon: | 4.8%
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| Spread: | Treasuries plus 70 bps
|
| Price talk: | Treasuries plus 90 bps area
|
|
|
| Five-year notes
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| Amount: | $850 million
|
| Maturity: | Jan. 11, 2029
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| Coupon: | 4.85%
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| Spread: | Treasuries plus 90 bps
|
| Price talk: | Treasuries plus 110 bps area
|
|
|
| 10-year notes
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| Amount: | $750 million
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| Maturity: | Jan. 11, 2034
|
| Coupon: | 5%
|
| Spread: | Treasuries plus 100 bps
|
| Price talk: | Treasuries plus 125 bps area
|
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