By Christine Van Dusen
Atlanta, March 11 – Malaysia’s Petroliam Nasional Bhd. (Petronas) priced a downsized $3.75 billion of notes due in seven, 10 and 30 years, a syndicate source said.
Petronas had been expected to sell $7 billion of notes.
The company dropped a fourth tranche, which would have been a five-year issue of Islamic bonds that was talked in the Treasuries plus 135 basis points area.
The $750 million notes due 2022 priced with a 3 1/8% coupon.
The $1.5 billion 3˝% notes due in 10 years priced with a 3˝% coupon.
And the $1.5 billion 4˝% notes due in 30 years priced at a yield of Treasuries plus 190 bps, following talk at 220 bps.
BofA Merrill Lynch, CIMB and Deutsche Bank were the bookrunners for deal.
Other details of the issuance were not immediately available on Wednesday.
The Kuala Lumpur-based issuer is Malaysia’s state oil company.
| Issuer: | Petroliam Nasional Bhd. (Petronas)
|
| Amount: | $3.75 billion, downsized from $7 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, CIMB, Deutsche Bank
|
| Trade date: | March 11
|
| Distribution: | Regulation S
|
|
|
| Notes due 2022
|
| Amount: | $750 million
|
| Maturity: | 2022
|
| Coupon: | 3 1/8%
|
| Price talk: | Treasuries plus 150 bps
|
|
|
| Notes due 2025
|
| Amount: | $1.5 billion
|
| Maturity: | 2025
|
| Coupon: | 3˝%
|
| Price talk: | Treasuries plus 175 bps
|
|
|
| Notes due 2045
|
| Amount: | $1.5 billion
|
| Maturity: | 2045
|
| Coupon: | 4˝%
|
| Spread: | Treasuries plus 190 bps
|
| Price talk: | Treasuries plus 220 bps
|
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