Caterpillar Financial Services will sell $3 billion in new bonds later Thursday, according to a person familiar with the deal.

The company is offering the bonds in three parts, which mature in three, five and 10 years. The three-year portion of the deal totals $350 million and launched at a spread of 437.5 basis points over comparable Treasury yields. The $1.5 billion five-year tranche and the $1 billion 10-year bonds both launched at a spread of 425 basis points, the person said. The pricing on all three tranches is in line with initial price guidance.

Citigroup (C), Barclays Capital and Goldman Sachs (GS) are expected to price the bonds for the manufacturer of construction and mining equipment later Thursday.

-By Kate Haywood, Dow Jones Newswires; 201-938-2348; kate.haywood@dowjones.com