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Mamoura unit allocating $1.5 billion dual-tranche offering
Chicago, May 11 – MDGH GMTN (RSC) Ltd. sold $1.5 billion of notes (Aa2//AA) in the Thursday market, according to a source.
Full terms were pending as dealers allocated the $18 billion order book.
The deal will come with a $1 billion long 10-year tranche that priced at Treasuries plus 105 basis points. Price talk was in the 140 to 145 bps area. The notes will mature Nov. 22, 2033.
Also included in the offering, the firm sold a $500 million Formosa tranche at Treasuries plus 135 bps. Price talk was in the 180 bps area. The notes mature May 22, 2053.
The par call options will be three months and six months, respectively.
The bonds will be guaranteed by Mamoura Diversified Global Holdings PJSC.
For the Rule 144A and Regulation S deal, billing and delivery was being handled by J.P. Morgan for the shorter-dated tranche and BNP Paribas is doing billing and delivery for the 30-year part.
The global coordinators are Abu Dhabi Commercial Bank, BNP Paribas, Citi, First Abu Dhabi Bank, J.P. Morgan and Standard Chartered Bank.
The 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.
Settlement is expected May 22.
Mamoura is an investment firm based in Abu Dhabi.
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