By Andrea Heisinger
New York, Nov. 18 - EOG Resources, Inc. priced $1.5 billion of senior notes (A3/A-/) in three parts late on Thursday, according to a source who worked on the trade.
The deal had been announced in tranches of five- and 10-year notes early in the day. A three-year maturity was added.
Those $350 million of three-year floating-rate notes priced at par to yield three-month Libor plus 75 basis points. They are non-callable.
A $400 million tranche of 2.5% notes due Feb. 1, 2016 was priced at 99.736 to yield 2.555% with a spread of Treasuries plus 105 bps. The notes priced in line with guidance in the 105 bps area, a source said.
The five-year notes have a make-whole call at Treasuries plus 20 bps.
A $750 million tranche of 4.1% notes due Feb. 1, 2021 priced at 99.576 to yield 4.152%, or 125 bps over Treasuries. These notes also priced in line with guidance in the 125 bps area.
The 2021 notes are callable at a make-whole amount of 25 bps over Treasuries.
Bookrunners were Barclays Capital Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
Deutsche Bank Securities Inc., Mitsubishi UFJ Securities USA Inc. and Societe Generale were the co-managers.
Proceeds are being used for general corporate purposes, including repayment of commercial paper and to fund future capital expenditures.
The oil and natural gas company is based in Houston.
| Issuer: | EOG Resources, Inc.
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Barclays Capital Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Co-managers: | Deutsche Bank Securities Inc., Mitsubishi UFJ Securities USA Inc., Societe Generale
|
| Trade date: | Nov. 18
|
| Settlement date: | Nov. 23
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
|
|
| Notes due 2014
|
| Amount: | $350 million
|
| Maturity: | Feb. 3, 2014
|
| Coupon: | Three-month Libor plus 75 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 75 bps
|
| Call: | Non-callable
|
|
|
| Notes due 2016
|
| Amount: | $400 million
|
| Maturity: | Feb. 1, 2016
|
| Coupon: | 2.5%
|
| Price: | 99.736
|
| Yield: | 2.555%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Price talk: | 105 bps area
|
|
|
| Notes due 2021
|
| Amount: | $750 million
|
| Maturity: | Feb. 1, 2021
|
| Coupon: | 4.1%
|
| Price: | 99.576
|
| Yield: | 4.152%
|
| Spread: | Treasuries plus 125 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Price talk: | 125 bps area
|
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