By Reshmi Basu
New York, Aug. 11 - State-run National Power Corp. sold an upsized $300 million offering of six-year floating-rate notes (B1/BB-/BB) at par to yield three-month Libor plus 425 basis points, according to a market source.
The issue was increased from $200 million.
Bear Stearns was the bookrunner for the Rule 144A/Regulation S transaction.
The Republic of the Philippines will guarantee the issuance.
Earlier this month, the debt-laden company said it would break even this year, after posting losses since 1998. This year, the government has assumed 200 billion pesos of the company's 500 billion pesos debt.
The company is based in Quezon City, Philippines.
| Issuer: | National Power Corp.
|
| Guarantor: | Republic of Philippines
|
| Amount: | $300 million
|
| Issue: | Floating-rate notes
|
| Maturity: | Aug. 23, 2011
|
| Coupon: | Three-month Libor plus 425 basis points
|
| Issue price: | Par
|
| Yield: | Three-month Libor plus 425 basis points
|
| Pricing date: | Aug. 11
|
| Settlement date: | Aug. 23
|
| Bookrunner: | Bear Stearns
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Fitch: BB
|
|
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