By Aaron Hochman-Zimmerman
New York, May 19 - Power Sector Assets and Liabilities Management Corp. (Psalm) priced $1 billion of 10-year senior unsecured bonds at 99.127 with a coupon of 7¼% to yield 7 3/8% (B1/BB-/), according to a market source.
The bonds priced at the wide end of talk for a yield in the 7½% area.
Psalm carried out the fund raising on behalf of public utility Napocor.
Deutsche Bank, HSBC and Morgan Stanley were bookrunners for the Rule 144A and Regulation S deal.
Power Sector Assets and Liabilities Management Corp. is a Manila-based government-run power company.
Issuer: Power Sector Assets and Liabilities Management Corp.
Issue: Senior unsecured bonds
| Amount: | $1 billion
|
| Maturity: | May 27, 2019
|
| Coupon: | 7¼%
|
| Price: | 99.127
|
| Yield: | 7 3/8%
|
| Bookrunners: | Deutsche Bank, HSBC, Morgan Stanley
|
| Distribution: | Rule 144A, Regulation S
|
| Pricing date: | May 19
|
| Settlement date: | May 27
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Price talk: | 7½% area
|
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