By Marisa Wong and Cristal Cody
Los Angeles, May 13 – Var Energi ASA priced $500 million of 5% five-year senior notes at 99.961 on Thursday, according to a press release and a market source.
The notes priced with a spread of 220 basis points over Treasuries. Initial price talk had been in the Treasuries plus 220 bps area.
BofA, BNP Paribas, Citi, DNB, ING and Wells Fargo are bookrunners for the Rule 144A and Regulation S offering.
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
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| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | May 18, 2027
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| Bookrunners: | BofA, BNP Paribas, Citi, DNB, ING and Wells Fargo
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| Coupon: | 5%
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| Price: | 99.961
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| Spread: | Treasuries plus 220 bps
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| Pricing date: | May 12
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| Settlement date: | May 18
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| Distribution: | Rule 144A and Regulation S
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| Initial price talk: | Treasuries plus 220 bps area
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