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Eskom sets yields on $1.5 billion dual tranches of 10-year notes; pricing Thursday
By Rebecca Melvin
New York, Aug. 2 – South Africa’s Eskom Holdings SOC Ltd. has set the yields on $1.5 billion of 10-year notes offered in dual tranches, with pricing expected later Thursday, according to a syndicate source.
The yield on $1 billion of the 10-year notes, which are guaranteed by the South African government, (expected ratings: Baa3/BB/) has been set at 6.35%. Initial price talk for this tranche was for a yield of 6½% to 6 5/8%.
The yield on the $500 million tranche of 10-year notes that are non-guaranteed was set at 8.45%, which compares to initial price talk for a yield of 8 5/8% to 8¾%.
Barclays, JPMorgan, Standard Bank and ABSA Bank are bookrunners for the Rule 144A and Regulation S deal.
Eskom Holdings is a state-owned electricity provider based in Johannesburg.
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