By Christine Van Dusen
Atlanta, Sept. 9 - Thailand's PTT Exploration & Production PCL priced $500 million 3.707% five-year notes (expected ratings: Baa1/BBB+/) at par to yield Treasuries plus 200 basis points, a market source said.
The notes priced tighter than talk, which was set at 205 bps over Treasuries.
Goldman Sachs, HSBC, Standard Chartered Bank and UBS were the bookrunners for the Rule 144A and Regulation S deal.
The notes include a coupon step-up of 100 bps in the event of a change-of-control and ratings decline.
The proceeds will be used for general corporate purposes.
PTT Exploration & Production is a Bangkok-based energy and exploration company that is 65% owned by the government of Thailand.
| Issuer: | PTT Exploration and Production PCL
|
| Amount: | $500 million
|
| Maturity: | Sept. 16, 2018
|
| Description: | Notes
|
| Bookrunners: | Goldman Sachs, HSBC, Standard Chartered Bank, UBS
|
| Coupon: | 3.707%
|
| Price: | Par
|
| Yield: | 3.707%
|
| Spread: | Treasuries plus 200 bps
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 16
|
| Expected ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 205 bps
|
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