By Christine Van Dusen
Atlanta, Oct. 28 - Abu Dhabi-based IPIC GMTN Ltd. priced a $3.75 billion three-tranche offering of notes due 2017, 2022 and 2041, a market source said.
The deal included $1.5 billion of 3¾% notes due March 1, 2017 that priced at 99.669 to yield Treasuries plus 262.5 basis points after being talked at a spread in that area.
Also sold was $1.5 billion of 5½% notes due March 1, 2022 at 99.743 to yield Treasuries plus 312.5 bps. The notes were talked at a spread in the 312.5 bps area.
And the third tranche - $750 million 6 7/8% notes due Nov. 1, 2041 - priced at 99.097 to yield Treasuries plus 350 bps.
Barclays Capital, Goldman Sachs, JPMorgan, Mitsubishi UFJ Securities, Natixis and Societe Generale were 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.
| Issuer: | IPIC GMTN Ltd.
|
| Guarantor: | International Petroleum Investment Co. PJSC
|
| Amount: | $3.75 billion
|
| Description: | Notes
|
| Bookrunners: | Barclays Capital, Goldman Sachs, JPMorgan, Mitsubishi UFJ Securities, Natixis, Societe Generale
|
| Put feature: | Put at par if Abu Dhabi ceases to own 100% of IPIC
|
| Trade date: | Oct. 28
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Notes due 2017
|
| Amount: | $1.5 billion
|
| Maturity: | March 1, 2017
|
| Coupon: | 3¾%
|
| Price: | 99.669
|
| Spread: | Treasuries plus 262.5 bps
|
| Price talk: | Treasuries plus 262.5 bps area
|
|
|
| Notes due 2022
|
| Amount: | $1.5 billion
|
| Maturity: | March 1, 2022
|
| Coupon: | 5½%
|
| Price: | 99.743
|
| Spread: | Treasuries plus 312.5 bps
|
| Price talk: | Treasuries plus 312.5 bps area
|
|
|
| Bonds due 2041
|
| Amount: | $750 million
|
| Maturity: | Nov. 1, 2041
|
| Coupon: | 6 7/8%
|
| Price: | 99.097
|
| Spread: | Treasuries plus 350 bps
|
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