By Rebecca Melvin
New York, April 18 – Oman Telecommunications Co. SAOG (Omantel) priced $1.5 billion of 5.5-year and 10-year notes (expected ratings: Baa3//BBB-) on Tuesday, according to a syndicate source.
The $600 million of 5 5/8% notes due Oct. 24, 2023 priced at 98.839 for a yield of 5 7/8%, which was below guidance of 6 1/8% to 6¼% and initial price talk of 6 3/8% to 6½%.
The $900 million of 6 5/8% notes due April 24, 2028 priced at 98.213 for a yield of 6 7/8%, which was below guidance of 7% to 7 1/8% and initial price talk at 7¼%.
Citigroup and Credit Suisse are global coordinators, and Bank ABC, Bank Muscat, HSBC and Standard Chartered Bank are joint lead managers for the Rule 144A and Regulation S deal.
The issuer is a Muscat, Oman-based telecommunications provider.
| Issuer: | Oman Telecomunications Co. SOAG (Omantel)
|
| Issue: | Notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Citigroup, Credit Suisse, Bank ABC, Bank Muscat, HSBC and Standard Chartered Bank
|
| Trade date: | April 17
|
| Settlement date: | April 24
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2023 notes
|
| Amount: | $600 million
|
| Maturity: | Oct. 24, 2023
|
| Coupon: | 5 5/8%
|
| Price: | 98.839
|
| Yield: | 5 7/8%
|
| Talk: | Guidance of 6 1/8%-6¼% and initial price talk of 6 3/8%-6½%
|
|
|
| 2028 notes
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| Amount: | $900 million
|
| Maturity: | April 24, 2028
|
| Coupon: | 6 5/8%
|
| Price: | 98.213
|
| Yield: | 6 7/8%
|
| Talk: | 7%-7 1/8% and initial price talk at 7¼%
|
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