psa-wraps-up-acquisition-financing-with-new-1-billion-bond-deal

PSA wraps up acquisition financing with new $1 billion bond deal

Sole lead manager Morgan Stanley prices new dual tranche $1 billion bond deal, effectively completing the $4.4 billion acquisition financing for PSA's 20% purchase of Hutchison Ports stake.
On early Friday morning June 23, PSA International PSA priced a $1 billion bond offering that effectively completes the $4.4 billion financing for the 20% acquisition of Hutchison Ports and pays down the outstanding $1.8 billion bridge loan. The deal, led by sole lead manager Morgan Stanley, comes inside of revised price guidance. Royal Bank of Scotland which also underwrote the bridging loan with Morgan Stanley acted as senior co-manager.

The AaaAA rated deal was split into a five-year $500 million tranche and a 10-year $500 million tranche.

The five year tranche was marketed to investors initially at 10bp to 15bp over mid-swaps area. While a second 10-year tranche was marketed at the...
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