By Christine Van Dusen
Atlanta, May 12 - Nigeria's GTB Finance BV sold $500 million 7½% senior notes due May 19, 2016 (/B+/) at 98.981 to yield 7¾%, or Treasuries plus 588 basis points, a market source said.
The notes priced at the high end of talk, which was set at 7½% to 7¾%.
Morgan Stanley and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.
The notes are guaranteed by Guaranty Trust Bank plc, a lender based in Lagos, Nigeria.
| Issuer: | GTB Finance BV
|
| Guarantor: | Guaranty Trust Bank plc
|
| Amount: | $500 million
|
| Maturity: | May 19, 2016
|
| Description: | Senior notes
|
| Bookrunners: | Morgan Stanley, JPMorgan
|
| Coupon: | 7½%
|
| Price: | 98.981
|
| Yield: | 7¾%
|
| Spread: | Treasuries plus 588 bps
|
| Trade date: | May 12
|
| Settlement date: | May 19
|
| Rating: | Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7½% to 7¾%
|
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