New Issue: Visa prices $3.25 billion three-tranche offering of fixed-rate senior notes

By Cristal Cody

Tupelo, Miss., Aug. 10 – Visa Inc. sold $3.25 billion of senior notes (Aa3/AA-) in three tranches on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.

A $500 million tranche of 0.75% seven-year green notes priced at 99.891 to yield 0.766% and a spread of Treasuries plus 35 basis points.

Initial price talk was at the Treasuries plus 60 bps area.

Visa sold $1 billion of 1.1% notes due Feb. 15, 2031 at 99.546 to yield 1.146%, or a Treasuries plus 57 bps spread.

The notes were guided at the 75 bps to 80 bps over Treasuries area.

A $1.75 billion offering of 2% 30-year notes priced at 98.928 to yield 2.048%. The notes priced with a spread of 82 bps over Treasuries.

The 30-year notes were talked to print at the 100 bps to 105 bps over Treasuries area.

BofA Securities Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., MUFG, RBC Capital Markets LLC, Standard Chartered Bank, TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc. were the bookrunners.

Proceeds from the 2027 notes will be used for eligible green projects. Proceeds from the 2031 and 2050 notes are expected to be used for general corporate purposes.

San Francisco-based Visa operates a retail electronic payments network.

Issuer:	Visa Inc.
Amount:	$3.25 billion
Description:	Senior notes
Bookrunners:	BofA Securities Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., MUFG, RBC Capital Markets LLC, Standard Chartered Bank, TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc.
Co-managers:	Loop Capital Markets LLC, Guzman & Co., Mischler Financial Group, Inc., Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC
Trade date:	Aug. 10
Settlement date:	Aug. 17
Ratings:	Moody’s: Aa3
	S&P: AA-
Distribution:	SEC registered
Seven-year notes
Amount:	$500 million
Maturity:	Aug. 15, 2027
Coupon:	0.75%
Price:	99.891
Yield:	0.766%
Spread:	Treasuries plus 35 bps
Call features:	Make-whole call at price equal to greater of par and Treasuries plus 10 bps before June 15, 2027; thereafter at par
Price guidance:	Treasuries plus 60 bps area
Long 10-year notes
Amount:	$1 billion
Maturity:	Feb. 15, 2031
Coupon:	1.1%
Price:	99.546
Yield:	1.146%
Spread:	Treasuries plus 57 bps
Call features:	Make-whole call at price equal to greater of par and Treasuries plus 10 bps before Nov. 15, 2030; thereafter at par
Price guidance:	Treasuries plus 75 bps-80 bps area
30-year notes
Amount:	$1.75 billion
Maturity:	Aug. 15, 2050
Coupon:	2%
Price:	98.928
Yield:	2.048%
Spread:	Treasuries plus 82 bps
Call features:	Make-whole call at price equal to greater of par and Treasuries plus 15 bps before Feb. 15, 2050; thereafter at par
Price guidance:	Treasuries plus 100 bps-105 bps area

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