Sensata Technologies pitches $500M intraday bond offering

Sensata Technologies BV is offering $500 million of eight-year (non-call three) senior notes via bookrunners Goldman Sachs (left), Barclays, BofA Securities, Mizuho, Morgan Stanley and RBC Capital Markets. Pricing for the deal is expected today following an investor call at 10:30 a.m. ET.

Net proceeds are intended for general corporate purposes, which may include working capital, capital expenditures, the acquisition of other companies, businesses or assets, strategic investments, the refinancing or repayment of debt, and share repurchases.

The new issue, structured with a first call at par plus 50% coupon for the first three years, will extend the company's bond curve beyond its existing $750 million of 3.75% senior notes due February 2031. These bonds were printed in August 2020 and represent Sensata's last bond market tap. Trade data show the notes closed on
March 12 yielding 3.88%. Existing unsecured debt ratings are BB+/Ba3.

Sensata Technologies, an industrial technology company, through its subsidiaries, engages in the development, manufacture, and sale of sensors and controls primarily in the Americas, the Asia-Pacific region and Europe.