By Andrea Heisinger
New York, Jan. 5 - Dexia Credit Local de France SA sold a combined $4.5 billion of notes (Aa1/AA+/AA+) in two tranches on Tuesday via Rule 144A, a source close to the deal said late in the day.
The deal was announced on Monday but went overnight to take advantage of demand from other investors, an informed source said. It was guaranteed by the governments of France, Belgium and Luxembourg, they said.
The $2.5 billion of two-year floating-rate notes priced at par to yield three-month Libor plus 25 basis points. They priced in line with talk of Libor plus 25 bps.
A $2 billion tranche of 2.75% four-year notes priced at 99.687 to yield 2.8335%, or 72.2 bps over Treasuries. The notes were talked at mid-swaps plus 40 bps.
Barclays Capital, Citigroup Global Markets, J.P. Morgan Securities and Morgan Stanley & Co. were the bookrunners.
The issuer provides project financing for the public sector and is based in Paris.
| Issuer: | Dexia Credit Local de France SA
|
| Guarantors: | Governments of France, Belgium, Luxembourg
|
| Issue: | Notes
|
| Amount: | $4.5 billion
|
| Bookrunners: | Barclays Capital, Citigroup Global Markets, J.P. Morgan Securities, Morgan Stanley & Co.
|
| Distribution: | Rule 144A
|
| Trade date: | Jan. 5
|
| Settlement date: | Jan. 12
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
|
|
| Two-year floaters
|
| Amount: | $2.5 billion
|
| Issue: | Floating-rate notes
|
| Maturity: | Jan. 12, 2012
|
| Coupon: | Three-month Libor plus 25 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 25 bps
|
| Price talk: | Libor plus 25 bps
|
|
|
| Four-year notes
|
| Amount: | $2 billion
|
| Maturity: | Jan. 10, 2014
|
| Coupon: | 2.75%
|
| Price: | 99.687
|
| Yield: | 2.8335%
|
| Spread: | Treasuries plus 72.2 bps
|
| Price talk: | Mid-swaps plus 40 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
