By Christine Van Dusen
Atlanta, Nov. 27 - Abu Dhabi's International Petroleum Investment Co. priced a three-tranche issue of dollar-denominated and euro-denominated notes worth $2.9 billion equivalent and due in 2015, 2018 and 2023 (Aa3/AA/AA), a market source said.
The deal included $750 million 1¾% notes due Nov. 30, 2015 that priced at 99.762 to yield 1.832%, or mid-swaps plus 135 basis points. The notes were talked at a spread of 135 bps to 140 bps over mid-swaps.
The second tranche totaled €800 million of 2 3/8% notes due May 30, 2018 that priced at 99.583 to yield 2.459%, or mid-swaps plus 145 bps. The notes came in at the tight end of talk set at mid-swaps plus 145 bps to 150 bps.
The third tranche - €850 million 3 5/8% notes due May 30, 2023 - priced at 99.021 to yield 3.742%, or mid-swaps plus 195 bps, at the tight end of talk set at mid-swaps plus 195 bps to 200 bps.
BNP Paribas, JPMorgan, National Bank of Abu Dhabi, Natixis, RBS and Unicredit were the bookrunners for the Regulation S-only deal.
The notes include a change-of-control put at 100%.
IPIC is a government-owned investment vehicle.
| Issuer: | International Petroleum Investment Co.
|
| Amount: | $2.9 billion equivalent
|
| Description: | Senior notes
|
| Bookrunners: | BNP Paribas, JPMorgan, National Bank of Abu Dhabi, Natixis, RBS, Unicredit
|
| Change-of-control put: | 100%
|
| Trade date: | Nov. 27
|
| Settlement date: | Nov. 30
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Distribution: | Regulation S only
|
|
|
| Notes due 2015
|
| Amount: | $750 million
|
| Maturity: | Nov. 30, 2015
|
| Coupon: | 1¾%
|
| Price: | 99.762
|
| Yield: | 1.832%
|
| Spread: | Mid-swaps plus 135 bps
|
| Price talk: | Mid-swaps plus 135 bps to 140 bps
|
|
|
| Notes due 2018
|
| Amount: | €800 million
|
| Maturity: | May 30, 2018
|
| Coupon: | 2 3/8%
|
| Price: | 99.583
|
| Yield: | 2.459%
|
| Spread: | Mid-swaps plus 145 bps
|
| Price talk: | Mid-swaps plus 145 bps to 150 bps
|
|
|
| Notes due 2023
|
| Amount: | €850 million
|
| Maturity: | May 30, 2023
|
| Coupon: | 3 5/8%
|
| Price: | 99.021
|
| Yield: | 3.742%
|
| Spread: | Mid-swap plus 195 bps
|
| Price talk: | Mid-swaps plus 195 bps to 200 bps
|
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