By Paul A. Harris
Portland, Ore., April 30 - Hellenic Petroleum plc priced an upsized €500 million issue of four-year senior notes at par to yield 8%, according to a market source.
The yield printed on top of yield talk that was lowered from 8¼%.
Initial guidance was 8½%, market sources say.
The deal was upsized from €400 million.
Alpha Bank SA, Credit Suisse Securities (Europe) Ltd., Eurobank Ergasias SA, HSBC Bank plc and NBG Securities SA managed the sale. HSBC will bill and deliver.
The deal was more than seven-times oversubscribed, with total demand exceeding €3.5 billion, according to a company press release.
Of orders in the book, 60% came from foreign institutional investors, the release stated.
The Greek refiner plans to use the proceeds to refinance debt and for general corporate purposes.
| Issuer: | Hellenic Petroleum Finance plc (Hellenic Petroleum plc)
|
| Amount: | €500 million, upsized from €400 million
|
| Maturity: | May 10, 2017
|
| Securities: | Senior notes
|
| Managers: | Alpha Bank SA, Credit Suisse Securities (Europe) Ltd., Eurobank Ergasias SA, HSBC Bank plc (bill and deliver), NBG Securities SA
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Settlement date: | May 10
|
| Distribution: | Regulation S
|
| Price talk: | 8%, revised from 8¼% (initial guidance was 8½%)
|
| Marketing: | Roadshow
|
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