By Aleesia Forni
Virginia Beach, Feb. 10 – BP Capital Markets plc priced $2.75 billion of senior notes (A2/A/) on Tuesday in four tranches, a market source said.
The sale included $400 million of two-year floating-rate notes priced at par to yield Libor plus 35 basis points.
Pricing was at the tight end of talk set in the Libor plus 40 bps area, which firmed from initial guidance set at Libor plus 50 bps to 55 bps.
A $250 million tranche of three-year floating-rate notes priced at par to yield Libor plus 42.5 bps.
The notes were talked at the Libor equivalent to the three-year notes.
The company also priced $850 million of 1.674% three-year notes at par with a spread of 65 bps over Treasuries.
The notes sold at the tight end of guidance set in the 70 bps area over Treasuries. Talk had tightened from guidance set in the 85 bps area over Treasuries.
A $1.25 billion tranche of 2.315% five-year notes sold at par, or 80 bps over Treasuries.
Pricing was at the tight end of the Treasuries plus 85 bps area talk. Guidance was set in the 100 bps area over Treasuries.
The bookrunners were Credit Agricole, Goldman Sachs & Co., Mizuho Securities and RBS Securities Inc.
Proceeds from the offering will be used for general corporate purposes.
The unit of oil company BP plc is based in London.
| Issuer: | BP Capital Markets plc
|
| Issue: | Senior notes
|
| Amount: | $2.75 billion
|
| Bookrunners: | Credit Agricole, Goldman Sachs & Co., Mizuho Securities, RBS Securities Inc.
|
| Trade date: | Feb. 10
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
|
|
| Two-year floaters
|
| Amount: | $400 million
|
| Maturity: | Feb. 10, 2017
|
| Coupon: | Libor plus 35 bps
|
| Price: | Par
|
| Yield: | Libor plus 35 bps
|
| Price talk: | Libor plus 40 bps, from Libor plus 50 to 55 bps
|
|
|
| Three-year floaters
|
| Amount: | $250 million
|
| Maturity: | Feb. 13, 2018
|
| Coupon: | Libor plus 42.5 bps
|
| Price: | Par
|
| Yield: | Libor plus 42.5 bps
|
| Price talk: | Libor equivalent to three-year notes
|
|
|
| Three-year notes
|
| Amount: | $850 million
|
| Maturity: | Feb. 13, 2018
|
| Coupon: | 1.674%
|
| Price: | Par
|
| Yield: | 1.674%
|
| Spread: | Treasuries plus 65 bps
|
| Price talk: | 70 bps area, from 85 bps area
|
|
|
| Five-year notes
|
| Amount: | $850 million
|
| Maturity: | Feb. 13, 2020
|
| Coupon: | 2.315%
|
| Price: | Par
|
| Yield: | 2.315%
|
| Spread: | Treasuries plus 80 bps
|
| Price talk: | 85 bps area, from 100 bps area
|
|
|
|
|
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