By Christine Van Dusen
Atlanta, Jan. 27 - Russia's OAO Novatek priced $1.25 billion of notes in tranches due 2016 and 2021 (Baa3/BBB-/BBB-) to yield mid-swaps plus 312.5 basis points, a market source said.
The deal included $600 million notes due Feb. 3, 2016 that priced at par to yield 5.326% and $650 million notes due Feb. 3, 2021 that priced at par to yield 6.604%.
Both tranches came in line with talk of mid-swaps plus the low- to mid-300 bps area.
BNP Paribas, Citigroup and RBS were the bookrunners for the Rule 144A and Regulation S deal.
Novatek is an independent gas producer based in Tarko-Sale, Russia.
| Issuer: | OAO Novatek
|
| Amount: | $1.25 billion
|
| Description: | Loan participation notes
|
| Bookrunners: | BNP Paribas, Citigroup, RBS
|
| Trade date: | Jan. 27
|
| Settlement date: | Feb. 3
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $600 million
|
| Maturity: | Feb. 3, 2016
|
| Coupon: | 5.326%
|
| Price: | Par
|
| Yield: | 5.326%
|
| Spread: | Mid-swaps plus 312.5 bps
|
| Price talk: | Mid-swaps plus low- to mid-300 bps area
|
|
|
| 10-year notes
|
| Amount: | $650 million
|
| Maturity: | Feb. 3, 2021
|
| Coupon: | 6.604%
|
| Price: | Par
|
| Yield: | 6.604%
|
| Spread: | Mid-swaps plus 312.5 bps
|
| Price talk: | Mid-swaps plus low- to mid-300 bps area
|
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