By Cristal Cody
Tupelo, Miss., Feb. 28 – Chevron Corp. priced a $4 billion seven-part offering of senior notes (Aa2/AA-) on Tuesday, according to a market source.
The company sold $450 million of two-year floating-rate notes at Libor plus 9 basis points.
Chevron priced $550 million of 1.686% two-year fixed-rate notes at a spread of Treasuries plus 45 bps.
The $400 million three-year floating-rate tranche priced at Libor plus 21 bps.
Chevron sold $600 million of 1.991% three-year fixed-rate notes at a spread of 50 bps over Treasuries.
The $300 million five-year floating-rate tranche priced at Libor plus 48 bps.
Chevron priced $700 million of 2.498% five-year fixed-rate notes at a Treasuries plus 60 bps spread.
In the final tranche, the company priced $1 billion of 2.895% seven-year notes at a spread of 70 bps over Treasuries.
BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including refinancing a portion of commercial paper.
The petroleum, chemical, mining, power and energy company is based in San Ramon, Calif.
| Issuer: | Chevron Corp.
|
| Amount: | $4 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC
|
| Trade date: | Feb. 28
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA-
|
| Distribution: | SEC registered
|
|
|
| Two-year floaters
|
| Amount: | $450 million
|
| Maturity: | March 3, 2019
|
| Coupon: | Libor plus 9 bps
|
|
|
| Two-year notes
|
| Amount: | $550 million
|
| Maturity: | March 3, 2019
|
| Coupon: | 1.686%
|
| Spread: | Treasuries plus 45 bps
|
|
|
| Three-year floaters
|
| Amount: | $400 million
|
| Maturity: | March 3, 2020
|
| Coupon: | Libor plus 21 bps
|
|
|
| Three-year notes
|
| Amount: | $600 million
|
| Maturity: | March 3, 2020
|
| Coupon: | 1.991%
|
| Spread: | Treasuries plus 50 bps
|
|
|
| Five-year floaters
|
| Amount: | $300 million
|
| Maturity: | March 3, 2022
|
| Coupon: | Libor plus 48 bps
|
|
|
| Five-year notes
|
| Amount: | $700 million
|
| Maturity: | March 3, 2022
|
| Coupon: | 2.498%
|
| Spread: | Treasuries plus 60 bps
|
|
|
| Seven-year notes
|
| Amount: | $1 billion
|
| Maturity: | March 3, 2024
|
| Coupon: | 2.895%
|
| Spread: | Treasuries plus 70 bps
|
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