By Reshmi Basu
New York, Jan. 17 - National Gas Co. of Trinidad and Tobago Ltd. sold $400 million 30-year bonds (A3/BBB+) at 99.617 with a 6.05% coupon to yield 6.078%, or 158 basis points over Treasuries, according to a market source.
The deal priced inside of price guidance, which was set in the area of 162.5 basis points more than Treasuries.
Citigroup and Lehman Brothers were joint bookrunners for the Rule 144A and Regulation S deal, which had no regulation rights. Caribbean Money Market Brokers, Deutsche Bank, First Caribbean International Bank and Merrill Lynch were co-managers.
The issuer is natural gas marketing and transmission company with headquartered in Port of Spain.
| Issuer: | National Gas Co. of Trinidad and Tobago Ltd.
|
| Amount: | $400 million
|
| Issue: | Bonds
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| Maturity: | Jan. 15, 2036
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| Coupon: | 6.05%
|
| Issue price: | 99.617
|
| Yield: | 6.078%
|
| Spread: | 158 basis points more than Treasuries
|
| Call options: | Make-whole call at Treasuries plus 25 basis points
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 20
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| Joint bookrunners: | Citigroup, Lehman Brothers
|
| Co-managers: | Caribbean Money Market Brokers, Deutsche Bank, First Caribbean International Bank, Merrill Lynch
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Price guidance: | 162.5 basis points more than Treasuries
|
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