By Andrea Heisinger
Omaha, July 9 - Tyco Electronics Group SA priced $300 million 5.95% senior notes due 2014 Wednesday to yield Treasuries plus 287.5 basis points, an informed source said.
The notes priced at 99.972 to yield 5.956%.
The issue came in line with price talk that was in the 287.5 bps area.
There is a change-of-control put of 101%.
Bookrunners were Goldman Sachs & Co. and UBS Investment Bank.
Co-managers were Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co., Inc.
Proceeds will be used for general corporate purposes, including repayment of a portion of amounts outstanding under the company's revolving credit facility as well as reduction of commercial paper.
The subsidiary of engineered electronic components company Tyco Electronics is based in Pembroke, Bermuda.
| Issuer: | Tyco Electronics Group SA
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Jan. 15, 2014
|
| Bookrunners: | Goldman Sachs & Co., UBS Investment Bank
|
| Coupon: | 5.95%
|
| Price: | 99.972
|
| Yield: | 5.956%
|
| Spread: | Treasuries plus 287.5 bps
|
| Change-of-control put: | 101%
|
| Trade date: | July 9
|
| Settlement date: | July 14
|
| Price talk: | 287.5 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
