5.5 yr: Registration: 144A/Reg S; Comments: US$750m (upsized from US$500m) 4.25% cpn 5.5-year (1/31/26) NC2 (7/31/22) at 100, yld 4.25%. Spread: T+393bp. MWC T+50bp until 7/31/22 and then 102.125, 101.063, 100.00. Issuer redeem up to 10% at 103.00 prior to 7/31/22. Equity clawback: Up to 40% at 104.25.;
Deal Comments
Joint venture between New Capital Management and Blackrock
Use of Proceeds
Repay outstanding borrowings and general corporate purposes