HEICO US$1.2bn senior notes to fund the Wencor acquisition
Fund part of the Wencor Group acquisition price
Key terms
- Borrower or issuer
- HEICO
- Date
- 19 Jul 2023
- Type
- Bond
- Amount
- US$1.2bn
- Pricing
- 5.250% / 5.350% (T+130bp / T+165bp)
- Maturity
- 2028-08 / 2033-08
- Rating at issue
- BBB (index)
Recorded terms
- Structure
- SEC-registered senior unsecured notes guaranteed by subsidiaries: US$600m 5.250% due 2028 (99.860) and US$600m 5.350% due 2033 (99.632)
- Lenders and arrangers
- Bookrunners: Truist, PNC, TD Securities, Credit Agricole CIB; co-managers: J.P. Morgan, RBC Capital Markets (from the SEC filing)
- Country
- United States
Rating at issue
Rated BBB at issue on the index basis (middle of three agencies, lower of two), from the SEC pricing term sheet for the notes.
Ratings*: Baa2 (stable) by Moody’s / BBB (stable) by Fitch
Ratings change over time; check the agencies for the current rating.
Parties
- HEICO borrower or issuer
- Bookrunners: Truist, PNC, TD Securities, Credit Agricole CIB
- Co-managers: J.P. Morgan, RBC Capital Markets
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 31 Jul 2023 | L3Harris Technologies US$3,250m senior notes (3 tranches) | Bond | US$3.25bn |
| 3 Aug 2023 | Booz Allen Hamilton US$650m 5.950% senior notes due 2033 | Bond | US$650m |
| 9 Aug 2023 | TransDigm US$1.45bn 6.875% senior secured notes due 2030 | Bond | US$1.45bn |
| 24 May 2023 | Lockheed Martin US$2,000m senior notes (3 tranches) | Bond | US$2bn |
| 31 Oct 2023 | BGK US$1bn 6.25% notes due 2028 for the Armed Forces Support Fund | Bond | US$1bn |
Sources
- HEICO pricing term sheet (free writing prospectus) sec.gov · 19 Jul 2023
- HEICO: closes US$1.2 billion investment grade senior notes offering (Form 8-K exhibit) sec.gov · 27 Jul 2023
About this record
Record DEF-2023-0016, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
Senior notes are unsecured promises to pay, priced off government bonds; the prospectus sets the covenants, the change-of-control put and the redemption terms.
