Published on 9/24/2014 in the Prospect News Investment Grade Daily.
New Issue: Ensco prices $1.25 billion of senior notes in 10-, 30-year tranches
By Aleesia Forni
Virginia Beach, Sept. 24 – Ensco plc sold $1.25 billion of senior notes (Baa1/BBB+/) in tranches due 2024 and 2044 on Wednesday, a market source said.
There was $625 million of 4.5% 10-year notes sold at 99.864 to yield 4.517%, or Treasuries plus 195 basis points.
The notes sold at the tight end of talk set in the Treasuries plus 200 bps area.
A second tranche was $625 million of 5.75% 30-year bonds priced at Treasuries plus 250 bps. The notes sold at 99.56 to yield 5.781%.
Pricing was at the tight end of the Treasuries plus 255 bps area talk.
The active bookrunners were Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. BofA Merrill Lynch, DnB NOR Markets Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc. and Wells Fargo Securities LLC were the passive bookrunners.
Proceeds will be used for general corporate purposes.
The oil and gas services company is based in London.
| Issuer: | Ensco plc
|
| Issue: | Senior notes
|
| Amount: | $1.25 billion
|
| Active bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
|
| Passive bookrunners: | BofA Merrill Lynch, DnB NOR Markets Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., Wells Fargo Securities LLC
|
| Co-managers: | ANZ, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Mizuho Securities USA Inc., MUFG, Standard Chartered
|
| Trade date: | Sept. 24
|
| Settlement date: | Sept. 29
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB+
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $625 million
|
| Maturity: | Oct. 1, 2024
|
| Coupon: | 4.5%
|
| Price: | 99.864
|
| Yield: | 4.517%
|
| Spread: | Treasuries plus 195 bps
|
| Price talk: | Treasuries plus 200 bps area
|
| Make-whole call: | Treasuries plus 30 bps prior to July 1, 2024, then callable at par
|
|
|
| 30-year bonds
|
| Amount: | $625 million
|
| Maturity: | Oct. 1, 2044
|
| Coupon: | 5.75%
|
| Price: | 99.56
|
| Yield: | 5.781%
|
| Spread: | Treasuries plus 250 bps
|
| Price talk: | Treasuries plus 255 bps area
|
| Make-whole call: | Treasuries plus 40 bps prior to April 1, 2044, then callable at par
|
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