CRH: global bond offering

CRH: global bond offering
Published: 01 December 2010

CRH America, Inc., a wholly owned subsidiary of CRH plc, successfully priced its fifth US$ Global bond offering yesterday afternoon in New York. The offering consists of 10-year and 5-year notes. The US$0.4bn 10-year notes were priced at a spread of 2.95% above the 10-year US Treasury and have a coupon of 5.75%. The US$0.35bn 5-year notes were priced at 2.70% above the 5-year US Treasury and have a coupon of 4.125%. Due to strong investor demand, the total offering was increased from US$0.50bn to US$0.75bn. Over 80 institutional investors from North America and Europe participated in the transaction. The proceeds of the offering are intended to be used (i) to part fund a cash tender offer for a portion of CRH America’s existing bonds which are due to mature in 2012, 2011 and 2013 and (ii) for general corporate purposes.