Aker BP sets Tuesday investor call for $500 million five-year note; pricing Wednesday

By Paul A. Harris

Portland, Ore., June 10 – Aker BP ASA plans to shop a $500 million offering of five-year senior notes (expected ratings Ba1/BB+/BBB-) on an investor conference call scheduled to get underway at 10 a.m. ET on Tuesday, according to a market source.

Initial price talk is in the low 5% area.

The Rule 144A and Regulation S deal is set to price on Wednesday.

Global coordinator Barclays will bill and deliver. BNP Paribas, HSBC and MUFG are also global coordinators.

BMO Securities, Citigroup Global Markets Inc., ING, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

ABN Amro, Credit Agricole CIB, Danske, DNB Markets, Nordea, SEB, Swedbank and UniCredit are the co-managers.

The notes become callable at par plus 50% of the coupon after two years. They feature a two-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Oslo-based oil and gas exploration and production company plans to use the proceeds to pay down its revolving credit facility.

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