By Aaron Hochman-Zimmerman
New York, July 31 - OAO AK Transneft (A2/BBB+) priced $1.65 billion of loan participation notes in two tranches, according to a market source.
The $600 million five-year tranche priced at par to yield 7.7% with a spread of Treasuries plus 444 basis points.
The $1.05 billion 10-year tranche priced at par to yield 8.7% with a spread of Treasuries plus 473 bps.
The tranches were talked at mid-swaps plus 350 bps and 415 bps, respectively.
Credit Suisse acted as bookrunner for the Rule 144A and Regulation S issue.
Proceeds will be used for investment projects and general corporate purposes.
Transneft is a Moscow-based gas pipeline operator.
| Issuer: | OAO AK Transneft
|
| Amount: | $1.65 billion
|
| Issue: | Loan participation notes
|
| Bookrunner: | Credit Suisse
|
| Pricing date: | July 31
|
| Settlement date: | August 8
|
| Distribution: | Rule 144A, Regulation S
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: BBB+
|
|
|
| Five-year tranche
|
| Amount: | $600 million
|
| Maturity: | August 7, 2013
|
| Coupon: | 7.7%
|
| Price: | Par
|
| Yield: | 7.7%
|
| Spread: | Treasuries plus 444 bps
|
| Price talk: | Mid-swaps plus 350 bps
|
|
|
| Ten-year tranche
|
| Amount: | $1.65 billion
|
| Maturity: | August 7, 2018
|
| Coupon: | 8.7%
|
| Price: | Par
|
| Yield: | 8.7%
|
| Spread: | Treasuries plus 473 bps
|
| Price talk: | Mid-swaps plus 415 bps
|
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