By Reshmi Basu
New York, June 25 - Malaysia International Shipping Corp. priced an upsized $1.1 billion of senior unsecured notes (Baa1/BBB+) in two tranches, according to a market source.
The bond offering comprises $400 million five-year notes and $700 million 10-year notes.
The five-year notes priced to yield Treasuries plus 120 basis points. The five-year notes came tighter than the 125 to 135 basis points guidance.
The 10-year notes priced to yield Treasuries plus 155 basis points. The notes came in line with guidance of 150 to 165 basis points.
The deal was announced at $1 billion in size.
Proceeds will be used to refinance an $800 million bridge loan maturing in June.
Barclays Capital and Citigroup ran the books for the Rule 144A/Regulation S bond offering.
Petroleum Nasional Bhd (Petronas) owns 62.44% of the Kuala Lumpur-based international shipping line.
Issuer: Malaysia International Shipping Corp.
Pricing date: | June 25
|
Settlement date: | July 2
|
Bookrunners: | Barclays Capital, Citigroup
|
Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
|
First tranche:
|
Amount: | $400 million
|
Issue: | Senior unsecured notes
|
Maturity: | July 1, 2009
|
Coupon: | 5%
|
Issue price: | 99.834
|
Yield: | 5.038%
|
Spread: | Treasuries plus 120 basis points
|
Price guidance: | Treasuries plus 125 to 135 basis points |
|
|
Second tranche
|
Amount: | $700 million
|
Issue: | Senior unsecured notes
|
Maturity: | July 1, 2014
|
Coupon: | 6.125%
|
Issue price: | 99.506
|
Yield: | 6.192%
|
Spread: | Treasuries plus 155 basis points
|
Price guidance: | Treasuries plus 150 to 165 basis points
|
|
© 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.