By Rebecca Melvin
New York, Sept. 4 – Saudi Basic Industries Corp. (Sabic) has priced $1 billion in new 10-year notes and a new dual-listed Formosa tranche due in 30 years (expected ratings: A1/A-), according to a market source.
The $500 million tranche of 2.15% notes due 2030 priced at 99.687 on Thursday for a yield of 2.185%, or a spread over mid-swaps of 155 basis points.
The $500 million tranche of 3% notes due 2050 priced at par for a yield spread of mid-swaps plus 202 bps. The 30-year notes are being listed on the Euronext Dublin and Taipei exchanges, and the 10-year notes will be listed only in Dublin.
BNP Paribas, Citigroup and HSBC were global coordinators, joint bookrunners and joint lead managers of the Regulation S deal together with Mizuho Securities, MUFG and SMBC Nikko also acting as joint bookrunners on the 10-year transaction and as structuring agents on the Formosa bond.
Sabic Capital I BV was issuer of the senior unsecured dual tranche deal.
Sabic is a Riyadh-based maker of chemicals, fertilizers, plastics and metals.
| Issuer: | Sabic Capital I BV
|
| Amount: | $1 billion
|
| Description: | Notes
|
| Bookrunners: | BNP Paribas, Citigroup, HSBC Mizuho Securities, MUFG and SMBC Nikko
|
| Co-managers: | BofA Securities, Credit Agricole CIB, ING and Standard Chartered Bank
|
| Trade date: | Sept. 3
|
| Settlement date: | Sept. 11
|
| Ratings: | Moody’s: A1
|
| S&P: A-
|
| Distribution: | Regulation S
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 14, 2030
|
| Coupon: | 2.15%
|
| Price: | 99.687
|
| Yield: | 2.185%
|
| Spread: | Mid-swaps plus 155 bps
|
|
|
| 30-year notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 14, 2050
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Spread: | Mid-swaps plus 202 bps
|
|
|
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