By Reshmi Basu
New York, Aug. 24 - State-run National Power Corp. (Napocor) reopened its issue of floating-rate notes due 2011 (B1/BB-/BB) to add $100 million in a drive-by on Wednesday, according to a market source.
The reopening priced at par.
This brings the total size of the deal to $400 million.
On Aug. 11, the company priced an upsized offering of $300 million in six-year notes at par to yield three-month Libor plus 425 basis points.
Bear Stearns was the bookrunner for the Rule 144A/Regulation S transactions.
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
|
| Issue: | Retap of floating-rate notes due 2011
|
| Amount: | $100 million
|
| Total amount: | $400 million
|
| Maturity: | Aug. 23, 2011
|
| Coupon: | Three-month Libor plus 425 basis points
|
| Issue price: | Par
|
| Pricing date: | Aug. 24
|
| Settlement date: | Sept. 5
|
| Bookrunner: | Bear Stearns
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Fitch: BB
|
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