By Christine Van Dusen
Atlanta, Jan. 21 - Hong Kong's CNOOC Finance Ltd. priced a two-tranche offering of notes (Aa3//AA-) on Friday totaling $1.5 billion, a market source said Friday.
The deal included $1 billion 4¼% notes due Jan. 26, 2021, which priced at 98.59 to yield 4.426%, or Treasuries plus 100 basis points. The notes were talked at a spread of Treasuries plus 100 bps to 110 bps.
The second tranche totaled $500 million 5¾% notes due Jan. 26, 2041 and came to market at 99.448 to yield 5.789%, or Treasuries plus 120 bps. The notes were talked at a spread of Treasuries plus 125 bps to 135 bps.
Proceeds will be used for general corporate purposes.
CNOOC is an oil and natural gas exploration and production company based in Hong Kong.
| Issuer: | CNOOC Finance Ltd.
|
| Amount: | $1.5 billion
|
| Description: | Notes
|
| Bookrunners: | Barclays Capital, BOC International, Bank of America Merrill Lynch, Goldman Sachs, JPMorgan
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 26
|
| Ratings: | Moody's: Aa3
|
| Fitch: AA-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 26, 2021
|
| Coupon: | 4¼%
|
| Price: | 98.59
|
| Yield: | 4.426%
|
| Spread: | Treasuries plus 100 bps
|
| Price talk: | Treasuries plus 100 bps to 110 bps
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | Jan. 26, 2041
|
| Coupon: | 5¾%
|
| Price: | 99.448
|
| Yield: | 5.789%
|
| Spread: | Treasuries plus 120 bps
|
| Price talk: | Treasuries plus 125 bps to 135 bps
|
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