Abu Dhabi's IPIC launches $3.75 billion of notes due 2017, 2022, 2041

By Christine Van Dusen

Atlanta, Oct. 27 - Abu Dhabi-based IPIC GMTN Ltd. launched a $3.75 billion three-tranche offering of notes due 2017, 2022 and 2041 (Aa3/AA/AA), a market source said Thursday.

The deal includes $1.5 billion of notes due March 2017 that launched at Treasuries plus 262.5 basis points after being talked at a spread in that area.

The notes due March 2022 total $1.5 billion and launched at Treasuries plus 312.5 bps. The notes were talked at a spread in the 312.5 bps area.

And the third tranche, $750 million notes due March 2041, launched at Treasuries plus 350 bps.

Barclays Capital, Goldman Sachs, JPMorgan, Mitsubishi UFJ Securities, Natixis and Societe Generale are the bookrunners for the Rule 144A and Regulation S deal.

The notes - which include a put at par if the government of Abu Dhabi ceases to own 100% of IPIC - are guaranteed by Abu Dhabi-based International Petroleum Investment Co. PJSC.

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