By Christine Van Dusen
Atlanta, July 22 - Brazil's Queiroz Galvao Oleo e Gas sold $750 million 5¼% notes due July 2018 (expected ratings: Baa3//BBB-) at 99.35 to yield 5.45%, a market source said.
The notes were talked in the 5½% area.
Banco Santander, HSBC and Citigroup were the bookrunners for the Rule 144A and Regulation S deal.
Proceeds will be used to refinance debt.
The issuer is an oil and gas subsidiary of Queiroz Galvao SA, based in Rio de Janeiro.
| Issuer: | Queiroz Galvao Oleo e Gas
|
| Amount: | $750 million
|
| Maturity: | July 2018, with 3.8-year average life
|
| Description: | Notes
|
| Bookrunners: | Banco Santander, HSBC, Citigroup
|
| Coupon: | 5¼%
|
| Price: | 99.35
|
| Yield: | 5.45%
|
| Trade date: | July 11 week
|
| Expected ratings: | Moody's: Baa3
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5½% area
|
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