By Paul Harris and Reshmi Basu
New York, March 11 - Empresa Nacional del Petroleo (Baa1/A) priced a $150 million 10-year bond at a spread of 125 basis points over Treasuries.
The 4 7/8% notes came to market at 99.625 to yield 5.01%.
Deutsche Bank ran the books for the Rule 144A/ Regulation S issue. Citigroup was co-manager.
The Santiago, Chile oil company will use proceeds to refinance debt and for capital expenditures.
| Issuer: | Empresa Nacional del Petroleo (ENAP)
|
| Issue | Notes
|
| Amount: | $150 million
|
| Maturity: | March 15, 2004
|
| Coupon: | 4 7/8%
|
| Price: | 99.625
|
| Yield: | 5.01%
|
| Spread: | 125 bps
|
| Call: | Putable at par following a change of control or a downgrade below Baa1/A-
|
| Bookrunners: | Deutsche Bank
|
| Ratings: | Moody's: Baa1
|
| S&P: A
|
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