By Rebecca Melvin
New York, July 26 – Thailand’s PTTEP Treasury Center Co. Ltd., a subsidiary of PTT Exploration & Production PCL, priced on Wednesday $354 million of perpetual notes (expected ratings: Baa3/BB+/) at par, a syndicate source said.
BofA Merrill Lynch, BNP Paribas and Citigroup were bookrunners of the deal.
The securities priced in conjunction with a tender offer for $1 billion of PTTEP’s existing subordinated perpetual securities.
PTT Exploration & Production is a Bangkok-based energy and exploration company that is 65% owned by the government of Thailand.
| Issuer: | PTTEP Treasury Center Co. Ltd.
|
| Guarantor: | PTT Exploration and Production PCL
|
| Issue: | Notes
|
| Amount: | $354 million
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch, BNP Paribas and Citigroup
|
| Price: | Par
|
| Trade date: | July 26
|
| Expected ratings: | Moody's: Baa3
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
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