HG bonds: Nissan Motor Acceptance returns with $2B offering in 4 parts; terms

Nissan Motor Acceptance Corp. today completed a $2 billion, four-part offering of senior notes due 2024 (floating- and fixed-rate), 2026 and 2028.

The Franklin, Tenn.-based company is the financing arm of Nissan North America, an operating subsidiary of Japanese automaker Nissan Motor Co. Ltd.

In September 2020, parent Nissan Motor placed an $8 billion, four-part offering to enhance liquidity.

The last time Nissan Motor Acceptance completed a bond placement was in September 2018, when it printed a $1.3 billion, three-part offering.

S&P Global Ratings cut parent Nissan Motor's profile twice last year, to BBB-, as pandemic-related headwinds pulled the profile down from BBB+ at the start of 2020. The outlook is negative.

Moody's last March downgraded Nissan Motor Acceptance's rating to Baa3, from Baa1. After further review, it assigned a negative outlook to the rating last June. Terms: