By Colin Hanner
Chicago, July 5 – Hindustan Petroleum Corp. Ltd. priced $500 million 10-year 4% senior bonds (expected: Baa3//BBB-) at 99.910 to yield 4.011%, a market source said.
The deal came at a spread of 167.5 basis points, tighter than initial guidance set in the Treasuries plus 200 bps area.
The size of the book was more than $4 billion.
MUFG will bill and deliver and is a joint bookrunner for the Regulation S sale with Citigroup, DBS Bank Ltd., SBI Capital and Standard Chartered Bank.
Proceeds will be used to fund capital expenditures for ongoing and future products.
A change of control will occur of the Government of India ceases to own more than 50% of the issuer, or if the issuer is acquired by another entity.
Hindustan Petroleum is a state-owned oil and natural gas company based in Mumbai.
| Issuer: | Hindustan Petroleum Corp. Ltd.
|
| Description: | Notes
|
| Amount: | $500 million
|
| Maturity: | July 12, 2027
|
| Bookrunners: | MUFG (bill and deliver), Citigroup, DBS Bank Ltd., SBI Capital and Standard Chartered Bank
|
| Coupon: | 4%
|
| Price: | 99.910
|
| Yield: | 4.011%
|
| Spread: | Treasuries plus 167.5 bps
|
| Change-of-control put: | If Government of India ceases to own more than 50% of the issuer or if issuer is acquired by another entity
|
| Trade date: | July 5
|
| Settlement date: | July 12
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | Treasuries plus 200 bps area
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
