By Reshmi Basu
New York, July 27 - Thailand's PTT PCL priced an upsized offering of $350 million in 30-year bullet notes (A2/BBB+) at 97.281% with a 5 7/8% coupon to yield 6.073%, or 160 basis points more than Treasuries, according to a market source.
The deal, increased from $250 million, came in the middle of price guidance. Guidance was set at 155 to 165 bps over Treasuries.
JP Morgan was the bookrunner for the Rule 144A/Regulation S offering. Bear Stearns & Co. was the joint lead manager.
Proceeds will be used to refinance long-term debt and help finance the company's 2005 through 2009 investment plan, which includes a third pipeline.
PTT, which has headquarters in Bangkok, Thailand, is an oil and gas conglomerate.
| Issuer: | PTT PCL
|
| Amount: | $350 million
|
| Issue: | Bullet notes
|
| Maturity: | Aug. 3, 2035
|
| Coupon: | 5 7/8%
|
| Issue price: | 97.281
|
| Yield: | 6.073%
|
| Issue spread: | Treasuries plus 160 basis points
|
| Pricing date: | July 27
|
| Settlement date: | Aug. 3
|
| Bookrunner: | JP Morgan
|
| Joint lead manager: | Bear Stearns & Co.
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: BBB+
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
