By Rebecca Melvin
New York, May 24 – Egypt priced an upsized $4 billion in add-ons to three tranches of notes due 2022, 2027 and 2047 (B3/B-) on Wednesday, a New York-based syndicate source said.
The add-ons were originally expected to total $3 billion.
The three tranches, which originally priced earlier this year on Jan. 24, now total $8 billion.
A $1.75 billion tranche of 6 1/8% notes due Jan. 31, 2022 priced at 102.739 to yield 5.45%. The add-on increased the size of this tranche to $3.5 billion.
A $1 billion tranche of 7˝% notes due Jan. 31, 2027 was reoffered at 105.977 to yield 6.65%. The issuance increased the size of the tranche to $2 billion.
And a $1.25 billion tranche of 8˝% 30-year notes was reoffered at 106.215 to yield 7.95%. The size of the longest-duration tranche is now $2.5 billion.
The add-on tranches will settle on May 31.
BNP Paribas, Citi, JPMorgan and Natixis were the bookrunners for the Rule 144A and Regulation S deal.
| Issuer: | Egypt
|
| Amount: | $4 billion
|
| Description: | Add-on notes
|
| Bookrunners: | BNP Paribas, Citi, JPMorgan, Natixis
|
| Trade date: | May 24 (original deals priced Jan. 24)
|
| Settlement date: | May 31
|
| Expected ratings: | Moody’s: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Notes due 2022
|
| Amount: | $1.75 billion
|
| Maturity: | Jan. 31, 2022
|
| Coupon: | 6 1/8%
|
| Price: | 102.739
|
| Yield: | 5.45%
|
| Total amount: | $3.5 billion, including $1.75 billion priced on Jan. 24 at par
|
|
|
| Notes due 2027
|
| Amount: | $1 billion
|
| Maturity: | Jan. 31, 2027
|
| Coupon: | 7˝%
|
| Price: | 105.977
|
| Yield: | 6.65%
|
| Total amount: | $2 billion, including $1 billion priced on Jan. 24 at par
|
|
|
| Notes due 2047
|
| Amount: | $1.25 billion
|
| Maturity: | Jan. 31, 2047
|
| Coupon: | 8˝%
|
| Price: | 106.215
|
| Yield: | 7.95%
|
| Total amount: | $2.5 billion, including $1.25 billion priced on Jan. 24 at par
|
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