By Aleesia Forni
Virginia Beach, March 16 – APT Pipelines Ltd. priced an upsized $1.4 billion offering of senior notes in 10- and 20-year tranches on Monday, according to a market source.
The company sold $1.1 billion of 4.2% notes due 2025 in line with price guidance at Treasuries plus 212.5 bps. The notes sold at 99.895 to yield 4.213%.
A $300 million tranche of 5% notes due 2035 was also priced in line with guidance at 237.5 bps over Treasuries. Pricing was at 99.592 to yield 5.035%.
The notes (Baa2/BBB/) sold via Rule 144A and Regulation S.
Bookrunners were ANZ, J.P Morgan Securities LLC, Morgan Stanley & Co. LLC and Scotia Capital.
Proceeds will be used to fund the acquisition of the QCLNG pipeline from BG Group, as well as for general corporate purposes.
The natural gas pipeline infrastructure operator is based in Sydney.
| Issuer: | APT Pipelines Ltd.
|
| Issue: | Senior notes
|
| Amount: | $1.4 billion, upsized from $1.3 billion
|
| Bookrunners: | ANZ, J.P Morgan Securities LLC, Morgan Stanley & Co. LLC, Scotia Capital
|
| Trade date: | March 16
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| 10-year notes
|
| Amount: | $1.1 billion
|
| Maturity: | March 23, 2025
|
| Coupon: | 4.2%
|
| Price: | 99.895
|
| Yield: | 4.213%
|
| Spread: | 212.5 bps over Treasuries
|
| Price guidance: | 212.5 bps area over Treasuries
|
|
|
| 20-year bonds
|
| Amount: | $300 million
|
| Maturity: | March 23, 2035
|
| Coupon: | 5%
|
| Price: | 99.592
|
| Yield: | 5.035%
|
| Spread: | 237.5 bps over Treasuries
|
| Price guidance: | 237.5 bps area over Treasuries
|
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