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Aker BP upsizes five-year notes offering to $750 million, tightens yield to 4¾%; pricing Wednesday
By Abigail W. Adams
Portland, Me., June 12 – Aker BP ASA upsized its offering of five-year senior notes (Ba1/BB+/BBB-) to $750 million and set final terms for a yield of 4¾%, according to a market source.
Books close at 8:45 a.m. ET on Wednesday with pricing expected thereafter.
Final terms tightened from the official price talk of 4 7/8% to 5 1/8%, which was in line with initial talk in the low 5% area. The initial size of the deal was $500 million.
Global coordinator Barclays will bill and deliver for the Rule 144A and Regulation S deal.
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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