Nogaholding sets talk for $1 billion of six- and 10-year notes

By Rebecca Melvin

New York, Oct. 31 – Bahrain’s Oil & Gas Holding Co. BSC, or Nogaholding, was talking $1 billion of notes in dual six- and 10-year tranches (expected rating: //BB-) on Wednesday, with final pricing expected later in the session, according to a syndicate source.

The $500 million of notes due Nov. 7, 2024 were talked initially to yield in the 7 7/8% area and the $500 million of notes due Nov. 7, 2028 were talked to yield in the 8½% area.

The size of the order book at the New York market open was $2 billion with some skew to the six-year tranche.

BNP Paribas, Citigroup and JPMorgan are joint global coordinators, and Bank ABC, Gulf International Bank, HSCB, National Bank of Bahrain, Societe Generale and Standard Chartered Bank are joint lead managers of the Rule 144A and Regulation S deal.

Wholly owned by Bahrain, Nogaholding is the strategic investment and development arm of the sovereign’s oil and gas authority.

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