By Abigail W. Adams
Portland, Me., June 12 – Aker BP ASA priced an upsized $750 million offering of five-year senior notes (Ba1/BB+/BBB-) at par to yield 4¾% on Wednesday, according to a market source.
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.
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.
| Issuer: | Aker BP ASA
|
| Amount: | $750 million
|
| Maturity: | June 15, 2024
|
| Securities: | Senior notes
|
| Global coordinators: | Barclays, BNP Paribas, HSBC and MUFG
|
| Bookrunners: | BMO Securities, Citigroup Global Markets Inc., ING, J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | ABN Amro, Credit Agricole CIB, Danske, DNB Markets, Nordea, SEB, Swedbank and UniCredit
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 285 bps
|
| Call protection: | First call on June 15, 2021 at 102.375
|
| Trade date: | June 1
|
| Settlement date: | June 19
|
| Ratings: | Moody's: Ba1
|
| S&P: BB+
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4 7/8% to 5 1/8%
|
| Marketing: | Roadshow
|
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