The B2BBB- Fitch rated deal is split into two tranches a new $1 billion 11-year fixed rate offering and a $1 billion 29-year re-opening of its existing $600 million 8.5% October 2035 fixed rate deal completed last year.
The 11-year tranche priced at 99.052% on a coupon of 6.875%, to yield 7%. On a spread basis, that equates to 235.1bp over US Treasuries. The borrower chose to issue at the 11-year maturity because it already has existing 2015 and 2016 deals and...
