By Christine Van Dusen
Atlanta, Jan. 10 - Power Grid Corp. of India Ltd. sold $500 million 3 7/8% notes due Jan. 17, 2023 (/BBB-/BBB-) at 98.954 to yield 4.003%, or Treasuries plus 210 basis points, a market source said.
The notes priced at the tight end of talk, which was set at the Treasuries plus 215 bps area.
Barclays, RBS and Standard Chartered Bank were the bookrunners for the Regulation S deal.
The issuer is a utility company based in Gurgaon, India.
| Issuer: | Power Grid Corp. of India Ltd.
|
| Amount: | $500 million
|
| Maturity: | Jan. 17, 2023
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, RBS, Standard Chartered Bank
|
| Coupon: | 3 7/8%
|
| Price: | 98.954
|
| Yield: | 4.003%
|
| Spread: | Treasuries plus 210 bps
|
| Change-of-control put: | If government ceases to own more than 50% of voting securities
|
| Trade date: | Jan. 10
|
| Settlement date: | Jan. 17
|
| Expected ratings: | Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | Treasuries plus 215 bps area
|
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