Published on 9/5/2012 in the Prospect News Investment Grade Daily.
New Issue: EOG Resources sells $1.25 billion 2.625% notes due 2023 at Treasuries plus 110 bps
By Andrea Heisinger
New York, Sept. 5 - EOG Resources, Inc. sold $1.25 billion of 2.625% senior notes due 2023 on Wednesday at a spread of Treasuries plus 110 basis points, an informed source said.
The notes (A3/A-/) were priced at 99.381 to yield 2.693%. There is a make-whole call at 20 bps over Treasuries until Dec. 15, 2022, with a par call after that date.
Active bookrunners were Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities LLC. Passive bookrunners were RBC Capital Markets LLC, Mitsubishi UFJ Securities (USA) Inc., SG Americas Securities and U.S. Bancorp Investments Inc.
Proceeds will be used for general corporate purposes, including repayment of outstanding commercial paper and funding future capital expenditures.
The Houston-based crude oil and natural gas company was last in the market with a $1.5 billion deal in three tranches on Nov. 18, 2010. That sale included a 4.1% 10-year note priced at 125 bps over Treasuries.
| Issuer: | EOG Resources, Inc.
|
| Issue: | Senior notes
|
| Amount: | $1.25 billion
|
| Maturity: | March 15, 2023
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, UBS Securities LLC, Wells Fargo Securities LLC (active), RBC Capital Markets LLC, Mitsubishi UFJ Securities (USA) Inc., SG Americas Securities, U.S. Bancorp Investments Inc.
|
| Co-managers: | Allen & Co. LLC, ANZ Securities, Inc., BB&T Capital Markets, BMO Capital Markets Corp., Comerica Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., DNB Markets, Inc., Goldman Sachs & Co., Scotia Capital (USA) Inc.
|
| Coupon: | 2.625%
|
| Price: | 99.381
|
| Yield: | 2.693%
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| Spread: | Treasuries plus 110 bps
|
| Call: | Make-whole at Treasuries plus 20 bps to Dec. 15, 2022, par call after
|
| Trade date: | Sept. 5
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
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