By Cristal Cody
Chicago, May 12 – Details were available for MDGH GMTN (RSC) Ltd.’s $1.5 billion dual-tranche sale of notes (Aa2//AA) from Thursday from a market source.
Mamoura Diversified Global Holdings PJSC is the guarantor.
The deal priced with a $1 billion long 10-year tranche. The 4 3/8% notes priced at 99.351 to yield 4.453%, or at Treasuries plus 105 basis points. Price talk was in the 140 bps to 145 bps area. The notes will mature Nov. 22, 2033.
The second tranche, a $500 million 30-year Formosa tranche, priced with a 5.084% coupon at par. The spread was 135 bps over Treasuries after talk in the 180 bps area. The notes mature May 22, 2053.
In the $18 billion order book, a dealer reported a slight skew to the 30-year tranche.
For the Rule 144A and Regulation S deal, billing and delivery was being handled by JPMorgan for the shorter-dated tranche and BNP Paribas handled billing and delivery for the 30-year part.
The global coordinators are Abu Dhabi Commercial Bank, BNP Paribas, Citi, First Abu Dhabi Bank, JPMorgan and Standard Chartered Bank.
The full list of joint lead managers and joint bookrunners for the 2033 notes are Abu Dhabi Commercial Bank, BNP Paribas, Citi, First Abu Dhabi Bank, J.P. Morgan Securities plc, Standard Chartered Bank, Barclays, Credit Agricole CIB, Emirates NBD Capital, Mizuho, Natixis and SMBC Nikko.
For the 2053 notes, the deal listed BNP Paribas SA, Taipei Branch (acting as the lead manager), Citibank Taiwan Ltd., Credit Agricole CIB, Taipei Branch, J.P. Morgan Securities (Taiwan) Ltd. and Standard Chartered Bank (Taiwan) Ltd.
The structuring agents for the 2053 notes are Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Barclays, Emirates NBD Capital, Mizuho, Natixis and SMBC Nikko.
The notes will be listed in London.
Mamoura is an investment firm based in Abu Dhabi.
| Issuer: | MDGH GMTN (RSC) Ltd.
|
| Guarantor: | Mamoura Diversified Global Holdings PJSC
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| Amount: | $1.5 billion
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| Issue: | Notes
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| Trade date: | May 11
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| Settlement date: | May 22
|
| Ratings: | Moody’s: Aa2
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| Fitch: AA
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| Distribution: | Rule 144A and Regulation S
|
|
|
| 2033 notes
|
| Amount: | $1 billion
|
| Issue: | Notes
|
| Maturity: | Nov. 22, 2033
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| Bookrunners: | Abu Dhabi Commercial Bank, BNP Paribas, Citi, First Abu Dhabi Bank, J.P. Morgan Securities plc (billing and delivery), Standard Chartered Bank, Barclays, Credit Agricole CIB, Emirates NBD Capital, Mizuho, Natixis and SMBC Nikko
|
| Coupon: | 4 3/8%
|
| Price: | 99.351
|
| Yield: | 4.453%
|
| Spread: | Treasuries plus 105 bps
|
| Call features: | Three-month par call
|
| Price talk: | Treasuries plus 140 bps to 145 bps area
|
| ISIN: | XS2624479288, US55285GAD60
|
|
|
| 2053 notes
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| Amount: | $500 million
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| Issue: | Formosa notes
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| Maturity: | May 22, 2053
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| Bookrunners: | BNP Paribas SA, Taipei Branch (acting as the lead manager, billing and delivery), Citibank Taiwan Ltd., Credit Agricole CIB, Taipei Branch, J.P. Morgan Securities (Taiwan) Ltd. and Standard Chartered Bank (Taiwan) Ltd.
|
| Structuring agents: | Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Barclays, Emirates NBD Capital, Mizuho, Natixis and SMBC Nikko
|
| Coupon: | 5.084%
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| Price: | Par
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| Yield: | 5.084%
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| Spread: | Treasuries plus 135 bps
|
| Call features: | Six-month par call
|
| Price talk: | Treasuries plus 180 bps area
|
| ISIN: | XS2623206187, US55285GAC87
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