By Rebecca Melvin
New York, Oct. 30 – Empresa Nacional del Petroleo priced $680 million of 5¼% senior amortizing notes due 2029 (expected ratings: BBB-/A) on Tuesday at 99.915 to yield 5.261%, or Treasuries plus 215 basis points, according to market sources.
Pricing was on top of guidance for a spread of Treasuries plus 215 bps, plus or minus 5 bps, which was tightened from initial price talk of Treasuries plus 225 bps.
Bookrunners for the Rule 144A and Regulation S deal were Citigroup, Scotiabank and BofA Merrill Lynch.
The proceeds will be used to cancel certain local and international bonds that mature in the next 12 months with remaining proceeds for general corporate purposes.
The energy company owns 100% of Chile’s refining capacity.
| Issuer: | Empresa Nacional del Petroleo
|
| Issue: | Senior amortizing notes
|
| Amount: | $680 million
|
| Maturity: | 2029
|
| Bookrunners: | Citigroup, Scotiabank and BofA Merrill Lynch
|
| Coupon: | 5¼%
|
| Price: | 99.915
|
| Yield: | 5.261%
|
| Spread: | Treasuries plus 215 bps
|
| Pricing date: | Oct. 30
|
| Ratings: | S&P: BBB-
|
| Fitch: A
|
| Distribution: | Rule 144A and Regulation S
|
| Talk: | Guided to Treasuries plus 215 bps, plus or minus 5 bps, tightened from initial talk of Treasuries plus 225 bps
|
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