By Reshmi Basu
New York, June 22 - PSA International Pte. Ltd. sold $1 billion in a dual tranche offering of five-year and 10-year global bonds (Aaa/AA), according to a market source.
The deal included a $500 million tranche of five-year bonds, which priced at 99.572 to yield 5.85%, or a spread to Treasuries plus 68 basis points, and a $500 million tranche of 10-year bonds, which priced at 99.093 to yield of 6.022%, or a spread to Treasuries plus 83 basis points.
Proceeds from the sale will be used to help fund PSA's purchase of a 20% stake in Hutchison Port Holdings.
Morgan Stanley was the bookrunner for the Rule 144A and Regulation S transaction. Royal Bank of Scotland acted as the senior co-manager.
| Issuer: | PSA International Pte. Ltd.
|
| Issue: | Dual tranche offering of global bonds
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| Total amount: | $1 billion
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| Bookrunner: | Morgan Stanley
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| Senior co-manager: | Royal Bank of Scotland
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| Ratings: | Moody's: Aaa
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| Standard & Poor's: AA
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| Pricing date: | June 22
|
| Settlement date: | June 29
|
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|
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| Five-year tranche
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| Amount: | $500 million
|
| Issue: | Global bonds
|
| Maturity: | June 29, 2011
|
| Coupon: | 5¾%
|
| Issue price: | 99.572
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| Yield: | 5.85%
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| Spread: | Treasuries plus 68 basis points
|
|
|
| 10-year tranche
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| Amount: | $500 million
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| Issue: | Global bonds
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| Maturity: | June 29, 2016
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| Coupon: | 5.90%
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| Issue price: | 99.093
|
| Yield: | 6.022%
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| Spread: | Treasuries plus 83 basis points
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