By Andrea Heisinger
Omaha, March 19 - British Telecommunications plc reopened a two-tranche issue of senior notes (Baa1/BBB+/BBB+) Wednesday to add $750 million, an informed source said.
Total issuance is now $1.95 billion, including $1.2 billion priced on Dec. 5, 2007.
The $250 million of 5.15% notes due Jan. 15, 2013 priced at 98.438 to yield 5.521%, or Treasuries plus 320 basis points.
The $500 million of 5.95% notes due Jan. 15, 2018 priced at 96.5 to yield 6.434%, or Treasuries plus 310 bps.
The notes feature a change-of-control put of 101%.
Bookrunners were Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities and RBS Greenwich Capital.
Proceeds will be used for general corporate purposes.
The internet and phone services company is based in London.
| Issuer: | British Telecommunications plc
|
| Issue: | Senior notes
|
| Amount: | $750 million reopened
|
| Bookrunners: | Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities and RBS Greenwich Capital
|
| Change-of-control put: | 101%
|
| Trade date: | March 19
|
| Settlement date: | March 27
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Total issuance: | $1.95 billion, including $1.2 billion priced Dec. 5, 2007
|
|
|
| Five-year tranche
|
| Amount: | $250 million
|
| Maturity: | Jan. 15, 2013
|
| Coupon: | 5.15%
|
| Price: | 98.438
|
| Yield: | 5.521%
|
| Spread: | Treasuries plus 320 bps
|
|
|
| 10-year tranche
|
| Amount: | $500 million
|
| Maturity: | Jan. 15, 2018
|
| Coupon: | 5.95%
|
| Price: | 96.5
|
| Yield: | 6.434%
|
| Spread: | Treasuries plus 310 bps
|
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