By Aleesia Forni
Virginia Beach, May 13 – ConocoPhillips Co. priced $2.5 billion of senior notes (A1/A/) on Wednesday in five tranches, according to a market source.
There was $750 million of 1.5% notes due 2018 priced at 99.988 to yield 1.504%, or Treasuries plus 55 basis points.
Pricing was at the tight end of the Treasuries plus 60 bps area talked which had firmed from initial guidance in the 65 bps area over Treasuries.
A $250 million tranche of floating-rate notes due 2018 sold at par to yield Libor plus 33 bps.
The notes were talked at the Libor equivalent to the three-year notes.
The company also issued $500 million of 2.2% notes due 2020 at 99.906 to yield 2.22%, or 65 bps over Treasuries.
The notes sold at the tight end of talk set in the 70 bps area over Treasuries. Initial guidance was set in the Treasuries plus 85 bps area.
A $500 million floating-rate due 2022 sold at par to yield Libor plus 90 bps.
The tranche sold on top of talk and initial guidance.
Finally, $500 million of 3.35% notes due 2025 priced at 99.655 to yield 3.391%, or Treasuries plus 110 bps.
The notes sold in line with guidance, which had firmed from initial talk set in the Treasuries plus 125 bps area.
The securities are guaranteed by ConocoPhillips.
J.P. Morgan Securities LLC, BofA Merrill Lynch, MUFG, RBC Capital Markets LLC, Citigroup Global Markets Inc., Mizuho Securities, SMBC Nikko and Societe Generale are the bookrunners.
Proceeds will be used for general corporate purposes.
ConocoPhillips is a Houston-based energy company.
| Issuer: | ConocoPhillips Co.
|
| Guarantor: | ConocoPhillips
|
| Issue: | Senior notes
|
| Amount: | $2.5 billion
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, MUFG, RBC Capital Markets LLC, Citigroup Global Markets Inc., Mizuho Securities, SMBC Nikko, Societe Generale
|
| Trade date: | May 13
|
| Settlement date: | May 18
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Distribution: | SEC-registered
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | May 15, 2018
|
| Coupon: | 1.5%
|
| Price: | 99.988
|
| Yield: | 1.504%
|
| Spread: | 55 bps
|
| Price guidance: | 60 bps area, tightened from 65 bps area
|
|
|
| Three-year floaters
|
| Amount: | $250 million
|
| Maturity: | May 15, 2018
|
| Coupon: | Libor plus 33 bps
|
| Price: | Par
|
| Yield: | Libor plus 33 bps
|
| Price guidance: | Libor equivalent
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | May 15, 2020
|
| Coupon: | 2.2%
|
| Price: | 99.906
|
| Yield: | 2.22%
|
| Spread: | 65 bps
|
| Price guidance: | 70 bps area, tightened from 85 bps area
|
|
|
| Seven-year floaters
|
| Amount: | $500 million
|
| Maturity: | May 15, 2022
|
| Coupon: | Libor plus 90 bps
|
| Price: | Par
|
| Yield: | Libor plus 90 bps
|
| Price guidance: | Libor plus 90 bps
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | May 15, 2025
|
| Coupon: | 3.35%
|
| Price: | 99.655
|
| Yield: | 3.391%
|
| Spread: | 110 bps
|
| Price guidance: | 110 bps area, tightened from 125 bps area
|
|
|
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