Wal-Mart Stores Inc. priced a $1 billion two-part offering yesterday, its second this year.

"It went very well. It's all sold" a source familiar with the offering said yesterday afternoon.

The deal's $250 million, 30-year portion was oversubscribed by two to one, the source said. The source said that while the $750 million, 12-year piece was not oversubscribed, it drew steady investor interest.

Asked why Wal-Mart decided to issue yesterday, the source replied, "I think they felt in the scheme of things, rates look very attractive, and they don't really think that they can pick the absolute bottom."

Susan Hocklander, a Wal-Mart spokeswoman, said the company will use proceeds from the offering "to continue to support our expansion plans."

The Bentonville, Ark.-based discount department store chain projects 150 new stores for 1993 and the same number for 1994, Hocklander said.

"We are in all states except for Vermont and Hawaii," she said. The company operates a total of 1,967 stores in 48 states and Puerto Rico, Hocklander said.

Wal-Mart issued $750 million of 5 1/8% notes dues 2005. The noncallable notes were priced at 99.617 to yield 5.92%, or 58 basis points more than 10-year Treasuries.

The second piece consisted of $250 million of 6 1/4% debentures due 2023. The noncallable debentures were priced at 99.693 to yield 6.774, or 60 basis points more than comparable Treasuries.

Moody's Investors Service rates the offering Aa1, while Standard & Poor's Corp. rates it AA.

"I thought Wal-Mart was fine," a buy-side source said of the pricing. "It seemed fair."

In May, the company priced a two-part, $1 billion offering. In February, Wal-Mart priced a $750 million offering, Hocklander said.

An analyst who asked to remain unnamed described Wal-Mart as a "big, growing, healthy company." The analyst said, however, that investors could be getting a little "full" of Wal-Mart paper.

The source familiar with the offering disagreed, saying he did not see any evidence of supply pressure yesterday. He noted that investors snapped up the $1 billion offering in a matter of hours.

In the high-yield market yesterday, IMC Fertilizer, Marcus Cable, and Delphi Financial priced offerings.

Fred Cavanaugh, vice president and portfolio manager of John Hancock's $300 million Strategic Income Fund, said he took a quick look at Delphi's $85 million offering but decided against a purchase. Cavanaugh, who already owns some Delphi debt, thought the deal's 8% coupon was a bit thin.

"That's not nearly enough for us," he said.

Cavanaugh also looked at IMC Fertilizer's $160 million offering and Marcus Cable's $100 million deal, but neither offered much excitement.

"There's plenty of deals out there, and we can afford to be selective," he said.

In secondary trading, spreads on high-grade issues ended unchanged, while high-yield bond prices edged 1/8 to 1/4 point higher.

New Issues

The Student Loan Marketing Association issued $700 million of floating-rate notes due 1997 at par. Noncallable for a year, the notes float weekly at 17 basis points more than the three-month Treasuries. They pay quarterly. Goldman, Sachs & Co. was lead manager.

Federal Home Loan Banks issued $206 million of 5.44% debentures due 2003 at par. The noncallable debentures were priced to yield 10 basis points more than comparable Treasuries. Merrill Lynch & Co. managed the offering.

IMC Fertilizer issued $160 million of 9.25% senior notes due 2000 at par. The noncallable notes were rated B3 by Moody's and B by Standard & Poor's. Lehman Brothers was lead manager on the offering.

TMM issued $150 million of 8.5% senior notes due 2000. The noncallable notes were priced at 99.353 to yield 8.625% or 360 basis points more than comparable Treasuries. Moody's rates the offering Ba2, while Standard & Poor's rates it BB-minus. Bear, Stearns & Co. was lead manager.

Marcus Cable issued $100 million of 11 7/8% senior debentures due 2005 at par. Noncallable for five years, the debentures were rated B3 by Moody's and B by Standard & Poor's. Goldman Sachs was sole manager.

Huntington National Bank issued $100 million of 4.48% senior bank notes due 1996 at par. The noncallable notes were priced to yield 35 basis points more than comparable Treasuries. Moody's rates the offering A1, while Standard & Poor's rates it A. Lehman Brothers was lead manager on the offering.

Delphi Financial issued $85 million of 8% senior notes due 2003. The noncallable notes were priced at 99.456 to yield 8.08%, or 275 basis points more than comparable Treasuries. Merrill Lynch was sole manager on the offering.

Synovus Financial issued $75 million of 6.125% senior notes due 2003 at par. The noncallable notes were priced to yield 80 basis points more than comparable Treasuries. Salomon Brothers Inc. was lead manager.

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