Buzz Box...
March 2, 2009
*BofA and RBS are taking bids on the $150 million deal for Bunzl plc on Wednesday, Mar. 4. Bunzl is an existing NAIC-2 type credit, and is seeking five- and seven-year paper.
*U.K.-based technology company Smiths Group plc completed a direct private placement of $175 million last week. The deal, announced last Thursday, has a nine-year bullet maturity with a 7.37% coupon. The transaction was sold entirely to Pricoa Capital Group, an existing investor in Smiths's debt.
*BofA and JPMorgan reportedly priced a very low-profile deal for a U.S.-based exploration and production company late last week. The banks are currently not releasing pricing details.
*JPMorgan and Wachovia's deal for American Transmission priced-up in late February. The $150 million, 10-year deal priced at 265 basis points over Treasurys. The NAIC-1 transaction was split into two takedowns; a $115 million takedown in mid-March, and the additional $35 million takedown in mid-May.
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