International Paper Co (IP.N) on Mondaysold $1.0 billion of 10-year senior notes, said IFR, a ThomsonReuters service. Citigroup and UBS were the active joint bookrunning
managers, while Bank of America, BNP Paribas, J.P. Morgan and RBS Greenwich Capital were the passive joint bookrunning managers for the sale.
Monday, May 4, 2009
Procter & Gamble Sells $2B Note Offering
Procter & Gamble International Funding SCA on Monday sold $2 billion in one-year floating-rate notes, said IFR, a Thomson Reuters service. The notes have a coupon rate of 1 basis point over the three-month London Interbank Offered Rate.
The joint book managers on the sale were Citigroup Global Markets, JP Morgan and RBS
The joint book managers on the sale were Citigroup Global Markets, JP Morgan and RBS
Psychiatric Solutions Prices $120M Sr Notes
Psychiatric Solutions Inc (PSYS.O), aprovider of inpatient behavioral healthcare services, on Mondaysold $120 million of senior subordinated notes in the 144aprivate placement market, said IFR, a Thomson Reuters service. Bank of America, Barclays, Citigroup and JPMorgan were the joint bookrunning managers for the sale.
Cigna Prices $350M Note Offering
Health service organization Cigna Corp(CI.N) on Monday sold $350 million of 10-year notes, said IFR,a Thomson Reuters service. Citigroup and JP Morgan were the active bookrunners and
UBS was the passive bookrunner for the sale.
UBS was the passive bookrunner for the sale.
US Steel Completes Cvt Notes, Shs Offerings
United States Steel Corporation (NYSE: X - News) announced today that it had completed its public offering of $862,500,000 principal amount of 4% Senior Convertible Notes due 2014 and 27,140,000 shares of its Common Stock which includes $112,500,000 aggregate principal amount of Notes and 3,540,000 shares of common stock subject to the underwriters' over-allotment options which was exercised in full. U. S. Steel received net proceeds of approximately $1,496 million and intends to use $655 million to repay all amounts outstanding under its three-year term loan due October 2010 and five-year term loan due May 2012. The remainder of the proceeds will be used for general corporate purposes. After this offering, U. S. Steel has approximately 143,315,000 shares of Common Stock outstanding.
Intl Game Tech Announces $500M Cvt Note Offering
International Game Technology (NYSE: IGT - News) today announced its intention to offer, subject to market and other conditions, $500 million aggregate principal amount of its Convertible Notes due 2014 (the "Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. IGT expects to grant the initial purchasers of its Notes an option to purchase up to $75 million principal amount of additional Notes, solely to cover over-allotments.
The Notes will be general unsecured senior obligations of IGT and will bear cash interest at a fixed rate, to be payable semiannually. Upon the occurrence of certain specified circumstances, the Notes will be convertible at the option of the holders into cash up to the principal amount thereof, and, if applicable, shares of IGT common stock in excess of the principal amount. The Notes will not be redeemable at the option of IGT before the maturity date, except in certain circumstances relating to applicable gaming authority regulations. Holders of the Notes will have the option to require IGT to repurchase their Notes at 100% of their principal, plus any accrued interest, subject to certain conditions, upon the occurrence of certain events constituting a "Fundamental Change." The interest rate, conversion rate and other terms of the Notes will be determined by negotiations between IGT and the initial purchasers.
IGT, in order potentially to reduce the dilution from conversion of the Notes, intends to use a portion of the net proceeds of the offering to enter into one or more hedging transactions on its common stock with one or more of the initial purchasers and/or their respective affiliates (the "hedge counterparties"). Holders of the Notes will not have any rights with respect to any hedging transactions entered into by IGT. IGT also expects to enter into separate warrant transactions with the hedge counterparties, which would result in additional proceeds to IGT.
IGT intends to use the remaining proceeds from the offering to pay down outstanding revolving indebtedness under its senior credit facility.
The Notes will be general unsecured senior obligations of IGT and will bear cash interest at a fixed rate, to be payable semiannually. Upon the occurrence of certain specified circumstances, the Notes will be convertible at the option of the holders into cash up to the principal amount thereof, and, if applicable, shares of IGT common stock in excess of the principal amount. The Notes will not be redeemable at the option of IGT before the maturity date, except in certain circumstances relating to applicable gaming authority regulations. Holders of the Notes will have the option to require IGT to repurchase their Notes at 100% of their principal, plus any accrued interest, subject to certain conditions, upon the occurrence of certain events constituting a "Fundamental Change." The interest rate, conversion rate and other terms of the Notes will be determined by negotiations between IGT and the initial purchasers.
IGT, in order potentially to reduce the dilution from conversion of the Notes, intends to use a portion of the net proceeds of the offering to enter into one or more hedging transactions on its common stock with one or more of the initial purchasers and/or their respective affiliates (the "hedge counterparties"). Holders of the Notes will not have any rights with respect to any hedging transactions entered into by IGT. IGT also expects to enter into separate warrant transactions with the hedge counterparties, which would result in additional proceeds to IGT.
IGT intends to use the remaining proceeds from the offering to pay down outstanding revolving indebtedness under its senior credit facility.
Encana Corp Completes $500M Note Offering
EnCana Corporation (TSX, NYSE: ECA - News News) has completed a public offering in the United States of US$500 million notes with a coupon rate of 6.50% due May 15, 2019. The net proceeds of the offering will be used to repay a portion of EnCana's existing bank and commercial paper indebtedness.
These debt securities have been assigned a rating of A- by Standard & Poor's Ratings Services, Baa2 by Moody's Investors Service and A (low) by DBRS Limited.
The offering was made in the United States under EnCana's previously filed shelf prospectus dated March 11, 2008 and a prospectus supplement dated April 29, 2009. Banc of America Securities LLC and Deutsche Bank Securities acted as joint book-running managers for the offering.
These debt securities have been assigned a rating of A- by Standard & Poor's Ratings Services, Baa2 by Moody's Investors Service and A (low) by DBRS Limited.
The offering was made in the United States under EnCana's previously filed shelf prospectus dated March 11, 2008 and a prospectus supplement dated April 29, 2009. Banc of America Securities LLC and Deutsche Bank Securities acted as joint book-running managers for the offering.
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