BAE, Campbell Ride Bond Market M&A Wave With New Deals
- BAE issued $4.8 billion in five parts to buy Ball Aerospace
- Campbell’s four-part deal will help fund Sovos Brands purchase
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BAE Systems Plc and Campbell Soup Co sold investment-grade bonds on Tuesday to help fund acquisitions, the latest deals in a wave of issuance tied to M&A as borrowers take advantage of tight spreads.
BAE Systems issued a $4.8 billion bond in five parts to help fund its $5.6-billion purchase of Ball Aerospace. The longest portion of the offering, a 30-year note, priced at a spread of 118 basis points over Treasuries after earlier discussions for around 150 basis points, according to a person with knowledge of the matter, who asked not to be identified as the details are private.