By Christine Van Dusen
Atlanta, May 8 - Israel's Delek & Avner - Yam Tethys Ltd. priced a total of $2 billion notes due Dec. 30 of 2016, 2018, 2020, 2023 and 2025 (expected ratings: Baa3/BBB-/), a market source said.
The $400 million notes due 2016 priced at par to yield 2.803%, or mid-swaps plus 200 basis points, following talk in the 237.5 bps area.
The $400 million notes due 2018 priced at par to yield 3.839%, or mid-swaps plus 225 bps, following talk in the 262.5 bps area.
The $400 million notes due 2020 priced at par to yield 4.435%, or mid-swaps plus 230 bps, following talk in the 275 bps area.
The $400 million notes due 2023 priced at par to yield 5.082%, or mid-swaps plus 245 bps, following talk in the 300 bps area.
And the $400 million notes due 2025 priced at par to yield 5.412%, or mid-swaps plus 255 bps, following talk in the 312.5 bps area.
The proceeds will be used to repay debt and for general corporate purposes.
Citigroup, JPMorgan and HSBC were the bookrunners for the Rule 144A and Regulation S deal.
The issuer is a subsidiary of Delek Group Ltd., a fuel conglomerate based in Netanya, Israel.
| Issuer: | Delek & Avner - Yam Tethys Ltd.
|
| Amount: | $2 billion
|
| Description: | Notes
|
| Bookrunners: | Citigroup, JPMorgan, HSBC
|
| Trade date: | May 8
|
| Expected ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Notes due 2016
|
| Amount: | $400 million
|
| Maturity: | Dec. 30, 2016
|
| Coupon: | 2.803%
|
| Price: | Par
|
| Yield: | 2.803%
|
| Spread: | Mid-swaps plus 200 bps
|
| Price talk: | Mid-swaps plus 237.5 bps area
|
|
|
| Notes due 2018
|
| Amount: | $400 million
|
| Maturity: | Dec. 30, 2018
|
| Coupon: | 3.839%
|
| Price: | Par
|
| Yield: | 3.839%
|
| Spread: | Mid-swaps plus 225 bps
|
| Price talk: | Mid-swaps plus 262.5 bps area
|
|
|
| Notes due 2020
|
| Amount: | $400 million
|
| Maturity: | Dec. 30, 2020
|
| Coupon: | 4.435%
|
| Price: | Par
|
| Yield: | 4.435%
|
| Spread: | Mid-swaps plus 230 bps
|
| Price talk: | Mid-swaps plus 275 bps area
|
|
|
| Notes due 2023
|
| Amount: | $400 million
|
| Maturity: | Dec. 30, 2023
|
| Coupon: | 5.082%
|
| Price: | Par
|
| Yield: | 5.082%
|
| Spread: | Mid-swaps plus 245 bps
|
| Price talk: | Mid-swaps plus 300 bps area
|
|
|
| Notes due 2025
|
| Amount: | $400 million
|
| Maturity: | Dec. 30, 2025
|
| Coupon: | 5.412%
|
| Price: | Par
|
| Yield: | 5.412%
|
| Spread: | Mid-swaps plus 255 bps
|
| Price talk: | Mid-swaps plus 312.5 bps area
|
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