By Rebecca Melvin
New York, Nov. 1 – Bahrain’s Oil & Gas Holding Co. BSC, or Nogaholding, priced $1 billion of notes in dual six- and 10-year tranches (rating: //BB-) on Wednesday, according to a syndicate source.
The $500 million tranche of notes due Nov. 7, 2024 priced at par to yield 7 5/8%, or a spread of U.S. Treasuries plus 464.7 basis points. Pricing was tightened from initial talk for yield in the 7 7/8% area.
The $500 million tranche of notes due Nov. 7, 2028 priced at par to yield 8 3/8%, or Treasuries plus 523 bps. Pricing 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 were joint global coordinators, and Bank ABC, Gulf International Bank, HSBC, National Bank of Bahrain and Societe Generale were 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.
| Issuer: | Oil & Gas Holding Co. BSC
|
| Amount: | $1 billion
|
| Description: | Senior unsecured notes
|
| Bookrunners: | BNP Paribas, Citigroup, JPMorgan (joint global coordinators)
|
| Joint lead managers: | Bank ABC, Gulf International Bank, HSBC, National Bank of Bahrain, Societe Generale and Standard Chartered Bank
|
| Trade date: | Oct. 31
|
| Settlement date: | Nov. 1
|
| Rating: | Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2024 notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 7, 2024
|
| Coupon: | 7 5/8%
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Spread: | U.S. Treasuries plus 464.7 bps
|
| Price talk: | 7 7/8% area
|
|
|
| 2028 notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 7, 2028
|
| Coupon: | 8 3/8%
|
| Price: | Par
|
| Yield: | 8 3/8%
|
| Spread: | U.S. Treasuries plus 523 bps
|
| Price talk: | 8½% area
|
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