By Cristal Cody
Chicago, Sept. 10 – Empresa Nacional del Petroleo (ENAP) sold $560 million of 3.45% 10-year notes (Baa3//A-) in the Thursday primary market, according to details from a market source.
The notes priced with a spread of 220 basis points over the relevant benchmark Treasury, low to talk in the Treasuries plus 250 bps area.
BofA Securities, Goldman Sachs, Mizuho, Santander and Scotia are bookrunners for the Rule 144A and Regulation S transaction.
The notes will be used to refinance the $410 million of senior notes due in December, according to Fitch Ratings, and for general corporate purposes.
The energy company owns 100% of Chile’s refining capacity.
| Issuer: | Empresa Nacional del Petroleo (ENAP)
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| Issue: | Notes
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| Amount: | $560 million
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| Maturity: | Sept. 16, 2031
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| Bookrunners: | BofA Securities, Goldman Sachs, Mizuho, Santander and Scotia
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| Coupon: | 3.45%
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| Spread: | Treasuries plus 220 bps
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| Trade date: | Sept. 9
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| Ratings: | Moody’s: Baa3
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| Fitch: A-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Treasuries plus 250 bps area
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