By Christine Van Dusen
Atlanta, March 9 - Abu Dhabi's International Petroleum Investment Co. priced a three-tranche issue of sterling- and euro-denominated notes due 2016, 2021 and 2026 (Aa3/AA/AA) in a Regulation S-only transaction, a market source said.
The deal included £550 million 6 7/8% notes due March 14, 2026 at 99.506 to yield Gilts plus 270 basis points, in line with talk of Gilts plus the 275 bps area.
The deal also included €1.25 billion 4 7/8% notes due March 14, 2016 that priced at 99.379 to yield OBL plus 244.8 bps. That tranche was talked in the OBL plus the low 200 bps area.
And the company also priced €1.25 billion 5 7/8% notes due March 14, 2021 at 98.737 to yield DBR plus 276 bps, in line with talk of DBR plus the mid- to high-200 bps area.
Goldman Sachs, Banco Santander, BNP Paribas, Credit Agricole, Deutsche Bank and UniCredit were the bookrunners for the notes, which include a change-of-control put at par if the government ceases to own 100%.
IPIC is an Abu Dhabi-based entity that oversees foreign investment in the oil industry.
| Issuer: | International Petroleum Investment Co.
|
| Description: | Notes
|
| Bookrunners: | BNP Paribas, Credit Agricole, Deutsche Bank, Goldman Sachs, Santander, Unicredit
|
| Change-of-control put: | At par if government ceases to own 100%
|
| Trade date: | March 9
|
| Settlement date: | March 14
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Distribution: | Regulation S only
|
|
|
| Notes due 2026
|
| Amount: | £550 million
|
| Maturity: | March 14, 2026
|
| Coupon: | 6 7/8%
|
| Price: | 99.506
|
| Spread: | Gilts plus 270 bps
|
| Price talk: | Gilts plus 275 bps area
|
|
|
| Notes due 2016
|
| Amount: | €1.25 billion
|
| Maturity: | March 14, 2016
|
| Coupon: | 4 7/8%
|
| Price: | 99.379
|
| Spread: | OBL plus 244.8 bps
|
| Price talk: | OBL plus low 200 bps area
|
|
|
| Notes due 2021
|
| Amount: | €1.25 billion
|
| Maturity: | March 14, 2021
|
| Coupon: | 5 7/8%
|
| Price: | 98.737
|
| Spread: | DBR plus 276 bps
|
| Price talk: | DBR plus mid- to high-200 bps area
|
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