Mubadala GE Capital will raise no more than $500 million when it completes its debut bond sale later on Wednesday, a document from lead arrangers showed on Wednesday.
The five-year deal, which is rated Baa2/A by Moody’s and Fitch respectively, has garnered orders worth $850 million from investors so far, with order books set to close during the morning New York time, the document added.
Pricing guidance remains at the range given earlier in the day of between 150 and 162.5 basis points over U.S. Treasuries.
Mubadala GE Capital, a commercial finance company, is a joint venture between Abu Dhabi state-owned fund Mubadala and General Electric.
Barclays and Citigroup are the joint global co-ordinators for the bond sale. They are joined by First Gulf Bank, HSBC and Natixis as bookrunners for the issue.
The deal comes after the firm completed a series of meetings with fixed income investors on Oct. 31