By William Gullotti
Buffalo, N.Y., Oct. 27 – IOI Investment (L) Bhd., a subsidiary of IOI Corp. Bhd., priced $300 million of 3 3/8% 10-year senior notes (Baa2) at 99.053 to yield 3.488%, according to an announcement on Wednesday.
The notes priced at Treasuries plus 185 basis points, a 25 bps tightening from initial pricing guidance.
Order books peaked at $1.2 billion. The company’s last international bond issue was in 2012.
The notes are a drawdown from the company’s $1.5 billion euro medium-term note program and guaranteed by the parent company.
Credit Suisse, SMBC Nikko, and Standard Chartered Bank are the joint lead managers and joint bookrunners for the offering.
The listing for the Regulation S notes will be on the Singapore Exchange.
The issue is related to the any-or-all tender offer for $600 million outstanding 4 3/8% notes due 2022 started Oct. 18. Proceeds will be used to fund the tender offer with remaining proceeds used for general corporate purposes.
IOI is a Putrajaya, Malaysia-based palm oil production and property conglomerate.
| Issuer: | IOI Investment (L) Bhd.
|
| Guarantor: | IOI Corp. Bhd.
|
| Securities: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Nov. 2, 2031
|
| Bookrunners: | Credit Suisse, SMBC Nikko, and Standard Chartered Bank
|
| Coupon: | 3 3/8%
|
| Price: | 99.053
|
| Yield: | 3.488%
|
| Spread: | Treasuries plus 185 bps
|
| Call option: | Starting six months prior to maturity
|
| Issue date: | Oct. 26
|
| Settlement date: | Nov. 2
|
| Ratings: | Moody’s: Baa2
|
| Distribution: | Regulation S
|
| Price talk: | Treasuries plus 210 bps
|
| ISIN: | XS0792911298
|
© 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.
