Published on 7/1/2014 in the Prospect News Investment Grade Daily.
New Issue: Anadarko Petroleum prices upsized $1.25 billion of 10-, 30-year notes
By Aleesia Forni
Virginia Beach, July 1 – Anadarko Petroleum Corp. sold an upsized $1.25 billion of senior notes (Baa3/BBB-/BBB-) in tranches due 2024 and 2044 on Tuesday, according to a market source and a FWP filed with the Securities and Exchange Commission.
A $625 million tranche of 3.45% notes due 2024 priced at 99.831 to yield 3.47% with a spread of Treasuries plus 90 basis points.
There was also $625 million of 4.5% 30-year bonds sold at 99.33 to yield 4.541%, or Treasuries plus 115 bps.
Both tranches sold in line with talk.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBS Securities Inc., Barclays, BofA Merrill Lynch and Deutsche Bank Securities Inc. were the joint bookrunners.
Proceeds will be used for general corporate purposes.
The oil and gas exploration and production company is based in the Woodlands, Texas.
| Issuer: | Anadarko Petroleum Corp.
|
| Issue: | Senior notes
|
| Amount: | $1.25 billion, upsized from $1 billion
|
| Joint bookrunners: | Barclays, BofA Merrill Lynch, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Co-managers: | Mitsubishi UFJ Securities (USA), Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Credit Agricole Securities (USA) Inc., DNB Markets, Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., Standard Chartered Bank, UBS Securities LLC, Standard Bank plc, BNY Mellon Capital Markets, Inc.
|
| Trade date: | July 1
|
| Settlement date: | July 7
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $625 million
|
| Maturity: | July 15, 2024
|
| Coupon: | 3.45%
|
| Price: | 99.831
|
| Yield: | 3.47%
|
| Spread: | Treasuries plus 90 bps
|
| Price talk: | Treasuries plus 90 bps area
|
| Make-whole call: | Treasuries plus 15 bps prior to April. 15, 2024, then callable at par
|
|
|
| 30-year bonds
|
| Amount: | $625 million
|
| Maturity: | July 15, 2044
|
| Coupon: | 4.5%
|
| Price: | 99.33
|
| Yield: | 4.541%
|
| Spread: | Treasuries plus 115 bps
|
| Price talk: | Treasuries plus 115 bps area
|
| Make-whole call: | Treasuries plus 20 bps prior to Jan. 15, 2044, then callable at par
|
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