By Christine Van Dusen
Atlanta, April 28 - Kazakhstan's KMG Finance (KazMunaiGas) priced $1.5 billion 7% notes due May 5, 2020 (Baa2/BB+/BBB-) at 98.243 to yield 7¼%, or Treasuries plus 347.7 basis points, according to an informed market source.
Citi, Credit Suisse and RBS were the bookrunners for the Rule 144A deal, which was whispered at Treasuries plus 275 bps before talk was set at Treasuries plus 350 bps.
The company had initially considered a two-tranche issue of five- and 10-year notes but settled on just 10-year notes, the source said.
KMG is an Astana, Kazakhstan-based, government-run energy firm.
| Issuer: | KMG Finance (KazMunaiGas)
|
| Amount: | $1.5 billion
|
| Maturity: | May 5, 2020
|
| Securities: | Notes
|
| Bookrunners: | Citi, Credit Suisse, RBS
|
| Coupon: | 7%
|
| Price: | 98.243
|
| Yield: | 7¼%
|
| Spread: | Treasuries plus 347.7 bps
|
| Trade date: | April 28
|
| Settlement date: | May 5
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
| Distribution: | Rule 144A
|
| Price talk: | Treasuries plus 350 bps
|
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