By Reshmi Basu
New York, Feb. 23 - New Delhi-based NTPC Ltd. sold a $300 million offering of 10-year senior fixed-rate notes (/BB+/BB+) at 99.523 with a 5 7/8% coupon to yield Treasuries plus 140 basis points, according to a market source.
The deal came inside of revised price guidance, which was set at 140 to 145 basis points over Treasuries.
The issue comes off the company's $1 billion euro medium-term note program.
Barclays Capital and Deutsche Bank were lead managers.
Government-owned NTPC Ltd. is formally known as National Thermal Power Corp. The group's principal activities are engineering, construction and operation of power generating plants.
| Issuer: | NTPC Ltd.
|
| Amount: | $300 million
|
| Issue: | Senior fixed-rate notes
|
| Maturity: | March 2, 2016
|
| Coupon: | 5 7/8%
|
| Issue price: | 99.523
|
| Spread: | Treasuries plus 140 basis points
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 2
|
| Lead managers: | Barclays Capital, Deutsche Bank
|
| Ratings: | Standard & Poor's: BB+
|
| Fitch: BB+
|
| Revised price guidance: | 140 to 145 basis points
|
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