By Aleesia Forni
Virginia Beach, June 11 – PTT Exploration and Production PCL (Baa3/BBB-/) priced $1 billion of perpetual subordinated bonds (Baa3/BBB-/) at par to yield 4 7/8% on Wednesday, according to a market source.
Pricing was at the tight end of the 5% area talk.
BofA Merrill Lynch, Credit Suisse Securities, HSBC and J.P. Morgan Securities LLC were the bookrunners.
The bonds were sold via Rule 144A and Regulation S.
PTTEP is a Bangkok-based energy and exploration company that is 65% owned by the government of Thailand.
| Issuer: | PTT Exploration and Production PCL
|
| Amount: | $1 billion
|
| Description: | Subordinated notes
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch, Credit Suisse Securities, HSBC, J.P. Morgan Securities LLC
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Trade date: | June 11
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor's: BBB-
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | 5% area
|
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