By Cristal Cody
Tupelo, Miss., April 23 – Ausgrid Finance Pty Ltd. (Baa1/BBB) priced a $1 billion offering of five- and long 10-year senior notes in a Rule 144A and Regulation S transaction on Monday, according to a market source.
The company sold $500 million of 3.85% five-year notes with a spread of Treasuries plus 105 basis points, on the tight side of guidance in the Treasuries plus 110 bps area, plus or minus 5 bps.
Ausgrid priced $500 million of the 4.35% long 10-year notes on top of price talk at a Treasuries plus 140 bps spread.
ANZ Securities, Inc., BofA Merrill Lynch and HSBC Securities (USA) Inc. were the bookrunners.
Proceeds will be used to repay near-term bank facilities and for general corporate purposes.
The electricity infrastructure company is based in Sydney, Australia.
| Issuer: | Ausgrid Finance Pty Ltd.
|
| Amount: | $1 billion
|
| Securities: | Senior notes
|
| Bookrunners: | ANZ Securities, Inc., BofA Merrill Lynch and HSBC Securities (USA) Inc.
|
| Trade date: | April 23
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | May 1, 2023
|
| Coupon: | 3.85%
|
| Spread: | Treasuries plus 105 bps
|
| Price guidance: | Treasuries plus 110 bps area, plus or minus 5 bps
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Aug. 1, 2028
|
| Coupon: | 4.35%
|
| Spread: | Treasuries plus 140 bps
|
| Price guidance: | Treasuries plus 140 bps area
|
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