By Aleesia Forni
Virginia Beach, June 12 – Abu Dhabi’s Etisalat (Aa3/AA-/A+) priced a dual-currency $4.3 billion-equivalent offering notes in euro- and dollar-denominated tranches on Thursday, according to market sources.
The company sold $500 million of 2 3/8% five-year bonds at 99.691 to yield mid-swaps plus 67.5 basis points.
There was also $500 million of 3½% 10-year bonds sold at 99.059 to yield mid-swaps plus 87.5 bps.
A €1.2 billion tranche of 1¾% notes due 2021 sold at 99.051 to yield 80 bps over mid-swaps.
Finally, the company priced a €1.2 billion 2¾% bond due 2026 at 98.328 to yield 110 bps over mid-swaps.
All tranches sold tighter than guidance.
Deutsche Bank, Goldman Sachs, HSBC and RBS were the bookrunners.
Etisalat is a telecommunications provider.
| Issuer: | Etisalat
|
| Issue: | Notes
|
| Amount: | $4.3 billion equivalent
|
| Joint bookrunners: | Deutsche Bank, Goldman Sachs, HSBC, RBS
|
| Trade date: | June 12
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Fitch: A+
|
|
|
| Five-year dollar notes
|
| Amount: | $500 million
|
| Maturity: | 2019
|
| Coupon: | 2 3/8%
|
| Price: | 99.691
|
| Spread: | Mid-swaps plus 67.5 bps
|
| Price talk: | Mid-swaps plus 80 bps area
|
|
|
| 10-year dollar notes
|
| Amount: | $500 million
|
| Maturity: | 2024
|
| Coupon: | 3½%
|
| Price: | 99.059
|
| Spread: | Mid-swaps plus 87.5 bps
|
| Price talk: | Mid-swaps plus 100 bps area
|
|
|
| Seven-year euro notes
|
| Amount: | €1.2 billion
|
| Maturity: | 2021
|
| Coupon: | 1¾%
|
| Price: | 99.051
|
| Spread: | Mid-swaps plus 80 bps
|
| Price talk: | Mid-swaps plus 100 bps area
|
|
|
| 12-year euro notes
|
| Amount: | €1.2 billion
|
| Maturity: | 2026
|
| Coupon: | 2¾%
|
| Price: | 98.328
|
| Spread: | Mid-swaps plus 110 bps
|
| Price talk: | Mid-swaps plus 125 bps area
|
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