Wed, Jan 27, 2021 – 1:04 PM
[NEW YORK] 7-Eleven is advertising and marketing a possible US$10.95 billion bond providing, in keeping with individuals aware of the matter, in what can be the biggest company greenback debt sale globally up to now this 12 months.
Proceeds would assist finance Tokyo-based guardian Seven & i Holdings’ US$21 billion acquisition of Speedway fuel stations within the US from Marathon Petroleum Corp, in keeping with an organization spokesman.
A US$10.95 billion issuance can be the biggest within the company greenback bond market globally since a US$12 billion sale from Verizon Communications in November, information compiled by Bloomberg present. It could additionally add to the 350 billion yen (S$4.47 billion) that the convenience-store operator raised in a Japanese debt providing for the Speedway deal two months in the past.
The proposed investment-grade notes had been rated Baa2 by Moody’s Traders Service and AA- by S&P International Scores.
Moody’s this month downgraded 7-Eleven’s issuer ranking to Baa2 from Baa1, citing a possible improve in debt after the Speedway buy. S&P stated it is prone to decrease 7-Eleven’s, in addition to guardian Seven & i’s credit score rankings by as many as two notches due to added debt as a result of acquisition.
Credit score Suisse Group AG, Sumitomo Mitsui Banking Corp, BofA Securities, Citigroup and JPMorgan Chase & Co are managing the bond sale.