Monsanto announces seven-part benchmark bond

Thu Jun 26, 2014 8:40am EDT

NEW YORK, June 26 (IFR) - Agriculture giant Monsanto on Thursday announced a seven-part benchmark US dollar bond, with tenors ranging from three to 50 years.

Citi and JP Morgan are the active bookrunners on the deal, with BAML, Goldman Sachs and Morgan Stanley as passive books. The company last came to market in November 2013.

The SEC-registered deal comprises a 3-year offering with initial price thoughts of Treasuries +45bp area; a 5-year (+65a); 7-year (+85a); 10-year (+105a); 20-year (+115a); 30-year (+130a); and 50-year (+160a).

The deal, which will fund a share buyback program, is expected to price later on Thursday. (Reporting by John Balassi and Anthony Rodriguez; Editing by Marc Carnegie)