New Issue: Harman prices $400 million 4.15% 10-year notes at Treasuries plus 200 bps

By Aleesia Forni

Virginia Beach, May 6 – Harman International Industries, Inc. was in the market on Wednesday with a $400 million issue of 4.15% senior notes (Baa3/BBB-/) due 2025 priced at Treasuries plus 200 basis points, according to a FWP filed with the Securities and Exchange Commission.

Pricing was at 99.336 to yield 4.232%.

The bookrunners are BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC.

Proceeds will be used to repay a portion of the current balance of a revolving credit facility and for general corporate purposes.

Stamford, Conn.-based Harman designs, manufactures and markets audio and infotainment products.

Issuer:	Harman International Industries Inc.
Amount:	$400 million
Description:	Senior notes
Maturity:	May 15, 2025
Bookrunners:	BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC
Senior co-managers:	MUFG, RBS Securities Inc., TD Securities (USA) Inc.
Co-managers:	BB&T, KeyBanc Capital Markets, U.S. Bancorp Investments Inc.
Coupon:	4.15%
Price:	99.336
Yield:	4.232%
Spread:	200 bps
Trade date:	May 6
Settlement date:	May 11
Ratings:	Moody’s: Baa3
	Standard & Poor’s: BBB-
Make-whole call:	30 bps prior to Feb. 15, 2025, then callable at par
Distribution:	SEC-registered
Price guidance:	205 bps area

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