By Cristal Cody
Chicago, June 8 – Aker BP ASA priced $1.5 billion of new notes in two parts on Wednesday, according to a market source.
The company priced $500 million of 5.6% notes with a five-year tenor at 99.91, or at Treasuries plus 170 basis points. Initial price talk was in the 215 bps area.
The company also sold $1 billion of 6% notes with a 10-year tenor at 99.762, or at Treasuries plus 225 bps. Price talk was in the 260 bps area.
Credit Agricole CIB, Citigroup, DNB, ING, JPMorgan and MUFG were bookrunners for the Rule 144A and Regulation S deal.
Proceeds will be used for general corporate purposes and to fund a tender offer.
Based in Fornebu, Norway, Aker BP focuses on petroleum resources on the Norwegian Continental Shelf.
| Issuer: | Aker BP ASA
|
| Amount: | $1.5 billion
|
| Issue: | Senior notes
|
| Bookrunners: | Credit Agricole CIB, Citigroup, DNB, ING, JPMorgan and MUFG
|
| Trade date: | June 7
|
| Settlement date: | June 13
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | June 13, 2028
|
| Coupon: | 5.6%
|
| Price: | 99.91
|
| Spread: | Treasuries plus 170 bps
|
| Price talk: | Treasuries plus 215 bps area
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | June 13, 2033
|
| Coupon: | 6%
|
| Price: | 99.762
|
| Spread: | Treasuries plus 225 bps
|
| Price talk: | Treasuries plus 260 bps area
|
|
|
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