By Rebecca Melvin
New York, Nov. 1 – MDC-GMTN BV, a subsidiary of Abu Dhabi’s Mubadala Development Co. PJSC, priced $800 million of 4½% 10-year notes (ratings: Aa2/AA/AA) on Wednesday at 99.586 to yield 4.552%, or mid-swaps plus 135 basis points, according to a syndicate source.
Pricing came at the tight end of final guidance of mid-swaps plus 135 bps to 140 bps, which was tightened from initial price talk of mid-swaps plus 150 bps.
The order book was in excess of $1.5 billion when final guidance was released.
There is a change-of-control put at 100%.
BNP Paribas and Citigroup were joint global coordinators, joint lead managers and bookrunners along with First Abu Dhabi Bank, Natixis and Standard Chartered Bank, which were also joint lead managers and bookrunners of the Rule 144A and Regulation S senior notes.
Proceeds are earmarked for general corporate purposes. The notes will settle on Nov. 7 and will be listed on the London Stock Exchange.
Mubadala is an Abu Dhabi-owned holding company.
| Issuer: | MDC-GMTN BV
|
| Guarantor: | Mubadala Development Co. PJSC
|
| Amount: | $800 million
|
| Maturity: | Nov. 7, 2028
|
| Description: | Senior unsecured notes
|
| Bookrunners: | BNP Paribas, Citigroup, First Abu Dhabi Bank, Natixis and Standard Chartered Bank
|
| Coupon: | 4½%
|
| Price: | 99.586
|
| Yield: | 4.552%
|
| Spread: | Mid-swaps plus 135 bps
|
| Change-of-control put: | At 100
|
| Trade date: | Oct. 31
|
| Settlement date: | Nov. 7
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
| Fitch: AA
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Guided to mid-swaps plus 135 bps to 140 bps from initial talk of mid-swaps plus 150 bps
|
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