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New Issue-ITT Corp sells $1 bln notes in 2 parts

Tue Apr 28, 2009 5:55pm EDT

Stocks

    
 April 28 (Reuters) - Diversified manufacturer ITT Corp
(ITT.N) on Tuesday sold $1 billion of senior notes in two
parts, said IFR, a Thomson Reuters service.
 Citigroup and JP Morgan were the joint bookrunning managers
for the sale.
BORROWER: ITT CORPORATION
FIRST TRANCHE:
AMT $500 MLN       COUPON 4.90 PCT     MATURITY 5/1/2014    
TYPE SR NOTES      ISS PRICE 99.807    FIRST PAY 11/1/2009  
MOODY'S Baa1       YIELD 4.944 PCT     SETTLEMENT 5/1/2009  
S&P BBB-PLUS       SPREAD 300 BPS/     PAY FREQ SEMI-ANNUAL 
FITCH A-MINUS       MORE THAN TREAS    MAKE-WHOLE CALL 50 BPS
SECOND TRANCHE:
AMT $500 MLN       COUPON 6.125 PCT    MATURITY 5/1/2019    
TYPE SR NOTES      ISS PRICE 99.86     FIRST PAY 11/1/2009  
MOODY'S Baa1       YIELD 6.144 PCT     SETTLEMENT 5/1/2009  
S&P BBB-PLUS       SPREAD 312.5 BPS/   PAY FREQ SEMI-ANNUAL 
FITCH A-MINUS       MORE THAN TREAS    MAKE-WHOLE CALL 50 BPS
*COC PUT AT 101.



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