By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., Nov. 9 – Var Energi ASA priced $2 billion of senior notes due 2028 and 2032, according to multiple notices and a market source.
The $1 billion of 7.5% senior notes due Jan. 15, 2028 priced at 99.218 and with a spread of 337.5 basis points over Treasuries. Initial price talk had been in the Treasuries plus 375 bps area.
A tranche for $1 billion of 8% senior notes due Nov. 15, 2032 priced at 99.055 and with a spread of 400 bps over Treasuries. Initial price talk had been in the Treasuries plus 425 bps area.
The 2028 notes sold at 99.218 while the 2032 notes sold at 99.055.
BofA Securities, Barclays, Citigroup Global Markets Inc., Credit Agricole CIB, DNB ASA, JPMorgan, Societe Generale, Sumitomo Mitsui Banking Corp. and Wells Fargo are the active bookrunners.
They are joined by BNP Paribas, ING Financial Markets LLC, Intesa Sanpaolo, NatWest and UniCredit Capital Markets LLC as passive bookrunners.
Fixed income investor calls were held Oct. 27 and Oct. 28.
The company said it intends to use proceeds of the offering for a partial refinancing of its bridge-to-bond facility maturing in November 2023 and to pay transaction fees and expenses.
Var Energi is an independent upstream oil and gas company based in Sandnes, Norway.
| Issuer: | Var Energi ASA
|
| Amount: | $2 billion
|
| Issue: | Senior notes
|
| Bookrunners: | BofA Securities, Barclays, Citigroup Global Markets Inc., Credit Agricole CIB, DNB ASA, JPMorgan, Societe Generale, Sumitomo Mitsui Banking Corp., Wells Fargo, BNP Paribas, ING Financial Markets LLC, Intesa Sanpaolo, NatWest and UniCredit Capital Markets LLC
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 15
|
|
|
| 2028 Notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 15, 2028
|
| Coupon: | 7.5%
|
| Price: | 99.218
|
| Spread: | Treasuries plus 337.5 bps
|
| Initial price talk: | Treasuries plus 375 bps area
|
|
|
| 2032 Notes
|
| Amount: | $1 billion
|
| Maturity: | Nov. 15, 2032
|
| Coupon: | 8%
|
| Price: | 99.055
|
| Spread: | Treasuries plus 400 bps
|
| Initial price talk: | Treasuries plus 425 bps area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
