By Andrea Heisinger
New York, July 7 - John Deere Capital Corp. sold an upsized $650 million of notes (A2/A/) in two tranches late on Thursday, an informed source said.
The deal size was increased from $500 million total after the tranche of 10-year notes was increased to $500 million from $350 million.
The company reopened an issue of floating-rate notes due in 2013 to add $150 million. The reopened notes priced at 100.0411 to yield three-month Libor plus 15 basis points.
Total issuance is $500 million, including $350 million sold on June 2 at par.
The second part was an upsized $500 million of 3.9% 10-year notes priced at 99.893 to yield 3.913% with a spread of Treasuries plus 77 bps.
The notes were sold at the tight end of talk in the 80 bps area.
Bookrunners were Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc.
Co-managers were BNP Paribas Securities Corp. and Santander Investment Securities Inc.
Proceeds are being used for general corporate purposes.
The financing arm of heavy equipment maker Deere & Co. is based in Reno, Nev.
| Issuer: | John Deere Capital Corp.
|
| Issue: | Notes
|
| Amount: | $650 million, increased from $500 million
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc.
|
| Co-managers: | BNP Paribas Securities Corp., Santander Investment Securities Inc.
|
| Trade date: | July 7
|
| Settlement date: | July 12
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
|
|
| Floaters due 2013
|
| Amount: | $150 million, reopened
|
| Maturity: | July 15, 2013
|
| Coupon: | Three-month Libor plus 15 bps
|
| Price: | 100.0411
|
| Yield: | Three-month Libor plus 15 bps
|
| Call: | Non-callable
|
| Total issuance: | $500 million, including $350 million sold on June 2 at par
|
|
|
| 10-year notes
|
| Amount: | $500 million, increased from $350 million
|
| Maturity: | July 12, 2021
|
| Coupon: | 3.9%
|
| Price: | 99.893
|
| Yield: | 3.913%
|
| Spread: | Treasuries plus 77 bps
|
| Call: | Non-callable
|
| Price talk: | 80 bps area
|
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