Related Issuers
by Pankti Antani
Jul 10, 2025 5:49 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$750m minimum) due 07/17/30 (5y). NCL (MWC). (1mo par call). Pays semi (30/360). CoC at 101. Denoms: 200x1 144A CUSIP: 654922AB9. IPT: mid 7s. Price talk: 7.50% area.
- US$ TBD (US$750m minimum) due 07/17/32 (7y). NCL (MWC). (2mo par call). Pays semi (30/360). CoC at 101. Denoms: 200x1. 144A CUSIP: 654922AC7. IPT: high 7s. Price talk: 7.75% area.
- US$ TBD (US$750m minimum) due 07/17/35 (10y). NCL (MWC). (3mo par call). Pays semi (30/360). CoC at 101. Denoms: 200x1. 144A CUSIP: 654922AD5. IPT: low 8s. Price talk: 8.125% area.
- EUR 500m-750m (from 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). Revised price talk: 5.375% area (+/- 12.5bps) WPIR.
- 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). Revised price talk: 6.50% area (+/- 12.5bps) WPIR.
Roadshow (small group calls) 07/07-08 (investor call at 10:30am NYT/3:30pm UKT 07/07) (MS is coordinating logistics). US books close at 5pm 07/09. EUR books close at 1pm UKT 07/10. Pricing 07/10. . EUR 4NCL books in excess of EUR 2.3bn and EUR 8NCL in excess of EUR1.8bn. 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.