By Aleesia Forni
New York, March 3 – ConocoPhillips Co. sold $3 billion of senior notes (Baa2/A/A-) in three tranches on Thursday, according to a market source.
The deal included $1.25 billion of 4.2% five-year notes sold at 99.95 to yield 4.211%, or Treasuries plus 287.5 basis points.
Pricing came at the tight side of the Treasuries plus 300 bps area guidance. Initially, talk was in the Treasuries plus 337.5 bps to 350 bps range.
And $1.25 billion of 4.95% 10-year bonds sold at 99.96 to yield 4.955% with a spread of 312.5 bps over Treasuries.
The notes were guided in the Treasuries plus 325 bps area and initially talked in the Treasuries plus 362.5 bps to 375 bps range.
Finally, $500 million of 5.95% 30-year bonds sold with a 337.5 bps spread over Treasuries. Pricing was at 98.977 to yield 6.024%.
Guidance was in the area of Treasuries plus 350 bps, having firmed from the range of Treasuries plus 412.5 bps to 425 bps.
The securities are guaranteed by ConocoPhillips.
Mizuho Securities, Barclays, HSBC Securities, J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Agricole and Deutsche Bank Securities Inc. are the bookrunners.
Proceeds will be used for general corporate purposes.
ConocoPhillips is a Houston-based energy company.
| Issuer: | ConocoPhillips Co.
|
| Guarantor: | ConocoPhillips
|
| Issue: | Senior notes
|
| Amount: | $3 billion
|
| Bookrunners: | Mizuho Securities, Barclays, HSBC Securities, J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Agricole, Deutsche Bank Securities Inc.
|
| Trade date: | March 3
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: A
|
| Fitch: A-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | March 15, 2021
|
| Coupon: | 4.2%
|
| Price: | 99.95
|
| Yield: | 4.211%
|
| Spread: | Treasuries plus 287.5 bps
|
| Price guidance: | Treasuries plus 300 bps area, tightened from Treasuries plus 337.5 bps to 350 bps
|
| Make-whole call: | Treasuries plus 45 bps
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | March 15, 2026
|
| Coupon: | 4.95%
|
| Price: | 99.96
|
| Yield: | 4.955%
|
| Spread: | Treasuries plus 312.5 bps
|
| Price guidance: | Treasuries plus 325 bps area, tightened from Treasuries plus 362.5 bps to 375 bps
|
| Make-whole call: | Treasuries plus 50 bps
|
|
|
| 30-year notes
|
| Amount: | $500 million
|
| Maturity: | March 15, 2046
|
| Coupon: | 5.95%
|
| Price: | 98.977
|
| Yield: | 6.024%
|
| Spread: | Treasuries plus 337.5 bps
|
| Price guidance: | Treasuries plus 350 bps area, tightened from Treasuries plus 412.5 bps to 425 bps
|
| Make-whole call: | Treasuries plus 50 bps
|
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