By Sheri Kasprzak
New York, Oct. 19 - Abu Dhabi National Energy priced $2 billion of bonds on Friday in two tranches (Aa2/AA-).
The five-year tranche has a 5.62% coupon and priced at par with a spread of Treasuries plus 155 basis points. The five-year bonds were talked earlier at Treasuries plus 150 basis points.
The 10-year bonds have a 6.165% coupon and were also priced at par with a spread of Treasuries plus 175 basis points. The tranche came in line with talk for a spread of Treasuries plus 175 basis points.
Citigroup and Toronto Dominion are the bookrunners.
There is a change of control clause, a source familiar with the bonds said Friday, that will cancel the bonds if Abu Dhabi ownership falls below 50%.
The offering, the familiar source said Friday, has been "hanging around for quite some time."
| Issuer: | Abu Dhabi National Energy
|
| Issue: | Bonds
|
| Amount: | $2 billion
|
| Bookrunners: | Citigroup, Toronto Dominion
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Trade date: | Oct. 19
|
| Settlement date: | Oct. 25
|
|
|
| Five-year tranche
|
| Amount: | $1.5 billion
|
| Maturity: | October 2012
|
| Coupon: | 5.62%
|
| Price: | Par
|
| Yield: | 5.62%
|
| Spread: | Treasuries plus 155 bps
|
|
|
| Ten-year tranche
|
| Amount: | $500 million
|
| Maturity: | October 2017
|
| Coupon: | 6.165%
|
| Price: | Par
|
| Yield: | 6.165%
|
| Spread: | Treasuries plus 175 bps
|
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