By Reshmi Basu
New York, Dec. 11 - Nakilat Inc, a wholly owned subsidiary of Qatar Gas Transport Co., sold a $1.15 billion two-part offering of senior and subordinated bonds, according to a market source.
The issuer placed $850 million of 27-year senior bonds (Aa3/A+/A+) at par to yield 6.067%, or a spread of 145 basis points more than Treasuries.
Meanwhile the issuer priced $300 million of 27-year subordinated bonds (A1/A-/A-) at par to yield 6.267%, or a spread of 167 bps more than Treasuries.
Proceeds from the sale will be used to finance up to 90% of the delivered costs of 16 large liquefied natural gas carriers to be built in Korea and chartered to upstream liquid natural gas projects in Qatar.
Lehman Brothers and Credit Suisse were bookrunners for the Rule 144A and Regulation S without registration rights transaction.
| Issuer: | Nakilat Inc.
|
| Issue: | Two-part offering of senior and subordinated bonds
|
| Total amount: | $1.15 billion
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 19
|
| Lead managers: | Lehman Brothers, Credit Suisse
|
| Distribution: | Rule 144A/Regulation S
|
|
|
| Senior bonds
|
| Amount: | $850 million
|
| Issue: | Senior bonds
|
| Maturity: | Dec. 31, 2033
|
| Coupon: | 6.067%
|
| Issue price: | Par
|
| Yield: | 6.067%
|
| Spread: | Treasuries plus 145 bps
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: A+
|
|
|
| Subordinated bonds
|
| Amount: | $300 million
|
| Issue: | Subordinated bonds
|
| Maturity: | Dec. 31, 2033
|
| Coupon: | 6.267%
|
| Issue price: | Par
|
| Yield: | 6.267%
|
| Spread: | Treasuries plus 165 bps
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
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