By Rebecca Melvin
New York, Oct. 16 – Turkiye Petrol Rafinerileri AS (Tupras) priced $700 million 4½% seven-year notes (expected ratings: Ba1//BBB-) at par to yield 233.1 basis points over Treasuries, a market source said.
The notes priced at the tight end of final guidance on price talk of 4½% to 4 5/8%. That was tightened from 4 5/8% to 4¾% during marketing and from initial price thoughts in the area of 5%.
Citigroup, HSBC, JPMorgan and Standard Chartered Bank were the joint bookrunners for the Rule 144A and Regulation S deal.
Proceeds will be used to redeem or pay interest on the issuer’s $700 million of 4 1/8% notes due May 2, 2018.
Application has been made to the U.K. Listing Authority for the new notes to be admitted to the Official List and to the London Stock Exchange for the notes to be admitted to trading on the London Stock Exchange's Regulated Market
Tupras is Korfez, Turkey-based petrochemical company.
| Issuer: | Turkiye Petrol Rafinerileri AS (Tupras)
|
| Amount: | $700 million
|
| Maturity: | Oct. 18, 2024
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup, HSBC, JPMorgan and Standard Chartered Bank
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | Treasuries plus 233.1 bps
|
| Trade date: | Oct. 16
|
| Settlement date: | Oct. 18
|
| Expected ratings: | Moody's: Ba1
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4½ to 4 5/8%, revised down from 4 5/8 to 4¾% and from 5% area initially
|
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