CNH Global Markets Offering of Five-Year Notes: New Issue Alert

CNH Global NV (CNH), the maker of Case and New Holland agricultural equipment, is among issuers planning to sell at least $3.83 billion of bonds in the U.S., according to data compiled by Bloomberg.

Borrowers sold $2.35 billion of corporate debt yesterday, the data show. They have issued $976 billion of bonds this year, compared with $966.3 billion in the similar period of 2010, Bloomberg data show.

Following is a description of pending sales of corporate and other bonds.

Investment Grade

RUBY PIPELINE LLC, a joint venture owned by El Paso Corp. and Global Infrastructure Partners, plans to issue $1.075 billion of senior unsecured notes, according to a person with knowledge of the transaction. Proceeds will be used to repay the company’s project finance loan, said the person, who declined to be identified because terms aren’t set. Moody’s Investors Service rated the debt Baa3.

BANCO DE BOGOTA SA, the unit of Grupo Aval Acciones & Valores, plans to sell $1 billion of 10-year senior unsecured notes denominated in U.S. dollars, Moody’s Investors Service said on Sept. 22. Moody’s said that it would rate the proposed notes Baa2.

TRITON CONTAINER INTERNATIONAL LTD, the world’s largest owner-lessor of marine intermodal cargo containers, plans to sell $180 million of senior notes, according to a statement distributed by Standard & Poor’s. S&P assigned a BBB issue-level rating to the notes from the San Francisco-based company, which leases dry van, open top and flat rack containers.

Split-Rated

UNION BANK OF INDIA LTD., the Mumbai-based lender that went public in 2002, hired banks to help it arrange a series of credit investor meetings in Asia and Europe, according to a person with knowledge of the transaction. The bank may consider a sale of dollar bonds thereafter subject to market conditions, the person said, asking not to be identified as details are private. Bank of America Corp., Barclays Plc, Citigroup Inc., HSBC Holdings Plc, Deutsche Bank AG and Standard Chartered Plc are helping to arrange the meetings, the person said. The bank is rated Ba1 by Moody’s and BBB- by S&P.

Not Rated

UCO BANK, a Kolkata, India-based state-owned bank, plans to meet with debt investors in Hong Kong, London and Singapore ahead of a possible sale of bonds denominated in U.S. dollars, according to a person with direct knowledge of the matter. BNP Paribas, Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase & Co. and Standard Chartered Plc will arrange the so-called non-deal roadshows, said the person, who asked not to be identified because he is not authorized to speak on the matter.

High Yield

CNH GLOBAL NV, the maker of Case and New Holland agricultural equipment, may sell $500 million of five-year notes, according to a statement on its website. Proceeds will be used for working capital and general corporate purposes, including acquisition of receivables and repayment of debt, the Amsterdam-based company said. Moody’s assigned the notes a grade of BB2 and S&P ranked them BB+, one step higher.

RIVER ROCK ENTERTAINMENT AUTHORITY, an American Indian casino operator, plans to sell $205 million of senior notes due in 2018, it said in a statement. S&P assigned a grade of B- to the notes, which will be used to refinance debt, the rater said in a statement.

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE, or VietinBank, may offer a coupon of 5 percent to 6 percent on its planned $500 million overseas bond sale, Chairman Pham Huy Hung said in an interview in Hanoi on Sept. 15. The lender is “determined to sell the bonds within this year,” said Hung.

MANNKIND CORP., the biotechnology company founded by billionaire investor Alfred Mann, plans to raise $370 million by selling senior secured discount notes due 2017, the Valencia, California-based firm said in a Sept. 23 statement distributed by Business Wire. Proceeds may be used to complete Phase 3 clinical trials of MannKind’s lead product candidate, Afrezza, preparing for the commercialization of Afrezza, continuing to build out a Danbury, Connecticut, factory and for research and development, according to the statement.

EMPRESA DE ENERGIA DE BOGOTA SA, Colombia’s second-biggest electricity transporter, hired Deutsche Bank AG and Banco Santander SA to sell bonds overseas, according to a person familiar with the offering. Bogota-based EEB, as the utility is known, may seek to sell bonds that mature in 10 years, said the person who declined to be identified because terms aren’t set.

Offerings in Pipeline

UNION NATIONAL BANK PJSC, the lender majority-owned by Abu Dhabi Investment Council, may sell 5-year notes in a benchmark offering, according to a person familiar with the transaction who declined to be identified because terms aren’t set.

MASISA SA, the Chilean forestry and wood panel company, plans to raise between $200 million and $260 million to refinance debt, according to Chief Financial Officer Eugenio Arteaga. The company is talking with banks to place bonds in either the U.S. or Europe, Arteaga said in an interview.

UNITED TECHNOLOGIES CORP. (UTX), the maker of Pratt & Whitney jet engines, may raise $12 billion of debt to help finance its $16.5 billion acquisition of Goodrich Corp., Chief Financial Officer Greg Hayes told analysts on a conference call on Sept. 22. Most of the debt will mature within five years, he said.

ENTERGY LOUISIANA LLC, the unit of the New Orleans-based power company, plans to sell about $206 million of bonds, according to a company statement. The offering was delayed and reauthorized after the utility violated regulations by publicizing the sale in the wrong newspapers, the Associated Press said on Aug. 11.

ROMANIA has started work on upgrading its medium-term note program to include dollar-denominated notes, Deputy Finance Minister Bogdan Dragoi said at a conference in Bucharest. The ministry will have the option to sell bonds in either dollars or euros, he said.

To contact the reporter on this story: Tim Catts in New York at tcatts1@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

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