Related Issuers
by Pankti Antani
Jul 09, 2025 10:01 AM ET
Nissan Motor Co Ltd (NSANY) US$4bn equivalent (US$/EUR) 144A/Reg S sr notes 5-part. (Expect Ba2)/BB/BB (--/negative/negative). Via MS (B&D)/Mizuho jt glocos, US$ Citi/BofA/HSBC jt books; EUR SMBC/SocGen/BNP jt books. No reg rights. List Lux. NY law. Settles 07/17 (T+5).
- US$ TBD (US$750m minimum) due July 2030 (5y). NCL (MWC). (1mo par call). Pays semi (30/360). CoC at 101. Denoms: 200x1 144A CUSIP: 654922AB9. IPT: mid 7s. Price talk: TBA.
- US$ TBD (US$750m minimum) due July 2032 (7y). NCL (MWC). (2mo par call). Pays semi (30/360). CoC at 101. Denoms: 200x1. 144A CUSIP: 654922AC7. IPT: high 7s. Price talk: TBA.
- US$ TBD (US$750m minimum) due July 2035 (10y). NCL (MWC). (3mo par call). Pays semi (30/360). CoC at 101. Denoms: 200x1. 144A CUSIP: 654922AD5. IPT: low 8s. Price talk: TBA.
- EUR TBD (EUR500m minimum) due 07/17/29 (4y). NCL (MWC) (1mo par call). Pays annual (act/act). CoC at 101. Denoms: 100x1. Reg S ISIN: XS2999659704. IPT: high 5s. Price talk: 5.50% area (+/- 12.5bps).
- EUR TBD (EUR500m minimum) due 07/17/33 (8y). NCL (MWC) (2mo par call). Pays annual (act/act). CoC at 101. Denoms: 100x1. Reg S ISIN: XS2999659886. IPT: high 6s. Price talk: 6.50% area (+/- 12.5bps).
Roadshow (small group calls) 07/07-08 (investor call at 10:30am NYT/3:30pm UKT 07/07) (MS is coordinating logistics). Pricing 07/10. EUR books in excess of EUR2.5bn. UOP: GCP, including refinancing outstanding debt. Nissan is also sold in Asia and Europe YEN200bn (up from YEN150bn) cvt bonds due 07/15/31 with stock acquisition rights. Priced: 1.00% coupon at 102.50 (100 redemption at maturity), amount of assets to be Contributed upon Exercise of Stock Acquisition Rights: equal to the principal amount of the Bonds, Conversion Price: YEN397.2, Conversion Premium 30.02% (reference share price on the Tokyo Stock Exchange YEN305.5). (vs price talk of: issue price 102.50, redemption at maturity 100.00, coupon 0.25%-1.00%). Closing 07/25, via Mizuho+. Biz: full-line global automobile and auto parts manufacturer. HQ: Yokohama, Japan.
Netroadshow entry code: Nissan2025.