By Reshmi Basu
New York, Nov. 29 - The Republic of Lebanon sold $1.375 billion of bonds in three tranches Friday, according to a market source.
The tranches were comprised of fixed-rate notes, floating-rate notes and a reopening of its 7¾% bonds 2012.
The $425 million five-year fixed-rate notes priced at 99.482 to yield 7 1/8%. This tranche came wider than price talk of 6 7/8% to 7%.
The $625 million five-year floating-rate notes priced at par to yield Libor plus 325 basis points. The deal priced at the wider end of price talk of 312½ to 325 basis points.
The third tranche was the reopening of Lebanon's 7¾% bond due Sept. 2012. It was priced to yield Treasuries plus 375 basis points.
Lead managers for the offering were Deutsche Bank, Credit Suisse First Boston, and BLOM Bank.
Issuer: Republic of Lebanon
Lead managers: Deutsche Bank, Credit Suisse First Boston, BLOM Bank.
Ratings: Moody's: B2
| Standard & Poor's: B-
|
| Fitch: B-
|
|
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| Floating-rate notes
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| Amount: | $625 million
|
| Maturity: | Dec. 14, 2009
|
| Issue: | Floating-rate notes
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| Coupon: | Six-month Libor plus 325 basis points
|
| Price: | Par
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| Yield: | Libor plus 325 basis points
|
| Pricing date: | Nov. 26
|
| Settlement date: | Nov. 30
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| Distribution: | Rule 144A/Regulation S
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| Price talk: | 312½ to 325 basis points
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| Fixed-rate tranche:
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| Amount: | $425 million
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| Issue: | | Fixed rate notes
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| Maturity: | Dec. 14, 2009
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| Coupon: | 7%
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| Price: | 99.482
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| Yield: | 7 1/8%
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| Spread: | 349 basis points
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| Pricing date: | Nov. 26
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| Settlement date: | Dec. 14
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| Distribution: | Rule 144A/Regulation S
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| Price talk: | 6 7/8% to 7%.
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| Reopening
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| Amount: | $325 million
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| Issue: | Reopening of 7¾% bonds due 2012
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| Maturity: | Sept. 7, 2012
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| Coupon: | 7¾%
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| Price: | Par
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| Spread: | 375 basis points
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| Pricing date: | Nov. 26
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| Settlement date: | Nov. 30 with accrued interest
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