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Commentary & Deal Flow

PRICED: Amphenol Corporation €1.1bn 3yr & 8yr Sr Unsec; MS+50bp & MS+85bp

IGC European Market: Deal Flow - General

Issuer

Term

Coupon

Maturity

Size

Ranking

Type

Price

Yield

Spread

IPT-PXD

Amphenol Corporation

3yr

3.375%

12-May-29

€600m

Sr Unsec

Fixed

99.983

3.381%

MS+50

-37.5

Amphenol Corporation

8yr

3.875%

12-May-34

€500m

Sr Unsec

Fixed

99.973

3.879%

MS+85

-40.0


Reoffer: 3yr: MS+50bp / 99.983 / 3.381% 8yr: MS+85bp / 99.973 / 3.879%
Benchmark: 3yr: OBL 2.1% 29-Apr-29 @ 98.340 / B+68.5bp (HR: 102%) 8yr: DBR 2.2% 15-Feb-34 @ 94.74 / B+91.3bp (HR: 102%)

3yr: Final Books > €2.9bn. Peak book €3.2bn+
8yr: Final Books > €2.45bn. Peak book €3.25bn+

Launched:
3yr: €600m @ MS+50bp - Books €3.2bn+ (pre-rec, at guidance)
8yr: €500m @ MS+85bp - Books €3.25bn+ (pre-rec, at guidance)

Guidance: 3yr: MS+55a - Books €3.0bn+ (pre-rec) 8yr: MS+90a - Books €3.4bn+ (pre-rec)
IPTs: 3yr: MS+85/90bp 8yr: MS+125a

  • Issuer: Amphenol Corporation
  • Ticker: APH
  • Country: US
  • LEI Code: 549300D3L3G0R4U4VT04
  • Expected Issue Ratings: A3/A- (Moody's/S&P)
  • Ranking: Senior Unsecured Notes
  • Settlement Date: 12-May-26 (T+5)
  • Tenor:
    • 3yr: 3-year
    • 8yr: 8-year
  • Size:
    • 3yr: €600m
    • 8yr: €500m
  • Maturity Date:
    • 3yr: 12-May-29
    • 8yr: 12-May-34
  • Reoffer:
    • 3yr: MS+50bp / 99.983 / 3.381%
    • 8yr: MS+85bp / 99.973 / 3.879%
  • Coupon:
    • 3yr: 3.375% Fixed, Annual, ACT/ACT (ICMA)
    • 8yr: 3.875% Fixed, Annual, ACT/ACT (ICMA)
  • Make-whole Call:
    • 3yr: B+15bp
    • 8yr: B+15bp
  • Par Call:
    • 3yr: Yes, 1-month
    • 8yr: Yes, 3-months
  • Change of Control:
    • 3yr: Yes, 101%
    • 8yr: Yes, 101%
  • ISIN / Common Code:
    • 3yr: XS3368960962 / 336896096
    • 8yr: XS3316225831 / 331622583
  • TOE:
    • 3yr: 15:40 UKT / 16:40 CET
    • 8yr: 15:41 UKT / 16:41 CET
  • Use of Proceeds: The Company intends to use the net proceeds from this offering to repay borrowings under our U.S. commercial paper program and our 364-Day Delayed Draw Term Loan, and for general corporate purposes.
  • Denominations: €100,000 x €1,000
  • Listing: NYSE Listing
  • Docs: SEC Registered / New York Law
  • Clearing: Euroclear and Clearstream
  • Sales into Canada: Yes, via exemption
  • Selling Restrictions: As per the Issuer's Preliminary Prospectus Supplement
  • Stabilization: Relevant stabilization regulations including FCA/ICMA apply
  • Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No EEA PRIIPs or UK PRIIPs KID
  • Active Bookrunners: Barclays, Citigroup, Commerzbank (B&D), HSBC
  • Timing: Priced. FTT subject to TS.