New York, April 1 – Ooredoo QPSC priced $1 billion of 2.625% 10-year notes (expected: A2/A-/A-) at 98.922 to yield mid-swaps plus 100 basis points on Wednesday, according to a market source.
The notes, issued via Ooredoo International Finance Ltd., came in line with the launch level of mid-swaps plus 100 bps and tighter than both final guidance of mid-swaps plus 110 to 115 bps and initial talk of mid-swaps plus 125 to 135 bps.
The offering was more than 3.4 times oversubscribed, according to an announcement from the issuer.
Citigroup, Barclays, BNP Paribas, Credit Agricole CIB, DBS Bank Ltd., Mizuho, QNB Capital and Standard Chartered were joint lead managers and joint bookrunners for the Rule 144A and Regulation S deal. Citi will bill and deliver.
The deal was sold from the company’s global medium-term note program and will be listed on the Irish Stock Exchange.
Proceeds will be used for general corporate purposes including refinancing existing debt.
“It has been five years since our last bond issuance. We are delighted to see very strong demand from the U.S., Europe, Asia and the Middle East for Ooredoo’s recent bond issuance, which demonstrates the high level of confidence that the investors have in Ooredoo’s robust performance and strategy,” said Aziz Aluthman Fakhroo, managing director, Ooredoo Group, in an announcement.
Ooredoo is the Doha, Qatar-based telecommunications company formerly known as Qtel International.
| Issuer: | Ooredoo International Finance Ltd.
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| Guarantor: | Ooredoo QPSC
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| Issue: | Senior notes
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| Amount: | $1 billion
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| Maturity: | April 8, 2031
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| Bookrunners: | Citigroup (bill and deliver), Barclays, BNP Paribas, Credit Agricole CIB, DBS Bank Ltd., Mizuho, QNB Capital and Standard Chartered
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| Coupon: | 2.625%
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| Price: | 98.922
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| Yield: | 2.749%
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| Spread: | Mid-swaps plus 100 bps
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| Pricing date: | March 31
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| Settlement date: | April 8
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| Ratings: | Moody’s: A2
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| S&P: A-
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| Fitch: A-
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| Distribution: | Rule 144A, Regulation S
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| Cusip/ISIN: | 74735KAA0, XS2311299957
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