New Issue: India’s NTPC prices $500 million 4 3/8% 10-year notes at 205 bps over Treasuries

By Christine Van Dusen

Atlanta, Nov. 20 – India’s NTPC Ltd. priced $500 million 4 3/8% 10-year notes (expected ratings: BBB-/BBB-/) at 99.711 to yield 4.411%, or Treasuries plus 205 basis points, on Wednesday, a market source said.

Barclays, Citigroup, Deutsche Bank, HSBC and SBI Capital Markets were the bookrunners for the Regulation S deal.

NTPC is a New Delhi-based power company.

Issuer:	NTPC Ltd.
Amount:	$500 million
Maturity:	Nov. 26, 2024
Description:	Senior notes
Bookrunners:	Barclays, Citigroup, Deutsche Bank, HSBC, SBI Capital Markets
Coupon:	4 3/8%
Price:	99.711
Yield:	4.411%
Spread:	Treasuries plus 205 bps
Change-of-control put:	If the Government of India ceases to own more than 50% of voting securities of NTPC
Trade date:	Nov. 19
Settlement date:	Nov. 26
Expected ratings:	Moody’s: BBB-
	Standard & Poor’s: BBB-
Distribution:	Regulation S

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