Nogaholding sets terms 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, set terms on $1 billion of notes in dual six- and 10-year tranches (expected rating: //BB-) on Wednesday. Final pricing was expected to occur later in the session, according to a syndicate source.

A $500 million tranche of notes due Nov. 7, 2024 was set to yield 7 5/8%, which was tightened from initial talk for yield in the 7 7/8% area.

A $500 million tranche of notes due Nov. 7, 2028 was set to yield 8 3/8%, which was tightened from initial talk for yield in the 8½% area.

The size of the order book when terms were set was $2.5 billion, with a skew to the six-year tranche.

BNP Paribas, Citigroup and JPMorgan are joint global coordinators, and Bank ABC, Gulf International Bank, HSBC, 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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