New Issue: Chile's ENAP prices $500 million 4¾% notes due 2021 to yield 4.965%

By Christine Van Dusen

Atlanta, Dec. 1 - Chile's Empresa Nacional del Petroleo (ENAP) sold $500 million 4¾% notes due Dec. 6, 2021 (Baa1/BBB-/A) at 98.321 to yield 4.965%, or Treasuries plus 285 basis points, a market source said.

BBVA, HSBC, JPMorgan and Mitsubishi UFJ Securities were the bookrunners for the Rule 144A and Regulation S transaction.

Proceeds will be used to refinance existing debt.

ENAP is a Las Condes, Chile-based hydrocarbon exploration, production and marketing company.

Issuer:	Empresa Nacional del Petroleo (ENAP)
Amount:	$500 million
Maturity:	Dec. 6, 2021
Description:	Senior notes
Bookrunners:	BBVA, HSBC, JPMorgan, Mitsubishi UFJ Securities
Coupon:	4¾%
Price:	98.321
Yield:	4.965%
Spread:	Treasuries plus 285 bps
Trade date:	Dec. 1
Settlement date:	Dec. 6
Ratings:	Moody's: Baa1
	Standard & Poor's: BBB-
	Fitch: A
Distribution:	Rule 144A and Regulation S

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