The offering is the first such issue for the company, and the sale is expected to be benchmark—at least $500 million—in size. The terms of the transaction have not yet been set.
The 5-year bonds are expected to pay about 100 basis points more than similar-maturity Treasuries and the 10-year bonds are expected to pay about 125 basis points more than the benchmark, according to a source at the company.
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