By Christine Van Dusen
Atlanta, Jan. 16 - Mexico's Oro Negro Drilling Pte. Ltd. (Singapore) sold $725 million five-year notes at par to yield 7½%, a market source said.
The notes priced at the tight end of talk, set at 7½% to 8%.
Pareto Securities was the bookrunner for the deal.
The proceeds will be used to refinance all existing bonds in the issuer group and for general corporate purposes.
The notes include a change-of-control put if anyone but the current shareholders hold more than 50% of the shares in the parent.
The issuer is wholly owned by Integradora de Servicios Petroleos Oro Negro SAPI de CV, a developer and promoter of oil projects in Mexico.
| Issuer: | Oro Negro Drilling Pte. Ltd. (Singapore)
|
| Amount: | $725 million
|
| Maturity: | Jan. 24, 2019
|
| Description: | Senior notes
|
| Bookrunner: | Pareto Securities
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 15
|
| Settlement date: | Jan. 24
|
| Price talk: | 7½% to 8%
|
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