By Andrea Heisinger
New York, May 3 - Woodside Finance Ltd. sold an upsized $700 million of 4.6% 10-year notes on Tuesday to yield Treasuries plus 135 basis points, an informed source said.
The deal size was increased from $500 million. The notes priced at the tight end of guidance in the 140 bps area, plus or minus 5 bps.
The notes (Baa1/BBB+/) were priced at 99.921 to yield 4.61%. They priced under Rule 144A.
There is a make-whole call at 20 bps over Treasuries.
Bookrunners were Citigroup Global Markets Inc. and Morgan Stanley & Co., Inc.
Proceeds are being used for general corporate purposes.
The notes are guaranteed by parent company Woodside Petroleum Ltd.
The finance arm of the hydrocarbon exploration and production company is based in Perth, Australia.
| Issuer: | Woodside Finance Ltd.
|
| Guarantor: | Woodside Petroleum Ltd.
|
| Issue: | Notes
|
| Amount: | $700 million, increased from $500 million
|
| Maturity: | May 10, 2021
|
| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co., Inc.
|
| Coupon: | 4.6%
|
| Price: | 99.921
|
| Yield: | 4.61%
|
| Spread: | Treasuries plus 135 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Distribution: | Rule 144A
|
| Trade date: | May 3
|
| Settlement date: | May 10
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Price talk: | 140 bps area
|
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