By Christine Van Dusen
Atlanta, Aug. 2 - Hong Kong's Noble Group provided the full terms of the pricing of its $750 million two-tranche bond issue due 2015 and 2020 (expected ratings: Baa3/BBB-/BBB-).
The deal included $500 million 4 7/8% bonds due Aug. 5, 2015 that priced at 99.842 to yield 4.911%, or Treasuries plus 330 basis points, and $250 million 6 5/8% bonds due 2020 that priced at 99.704 to yield 6.666%, or Treasuries plus 375 bps.
JPMorgan was the bookrunner for the Rule 144A and Regulation S deal, which includes a make-whole call and a change-of-control put at 101%.
Proceeds will be used for general corporate purposes.
Noble Group is a shipping company.
| Issuer: | Noble Group
|
| Amount: | $750 million
|
| Description: | Bonds
|
| Bookrunner: | JPMorgan
|
| Call features: | Make-whole call
|
| Change-of-control put: | At 101%
|
| Trade date: | July 30
|
| Settlement date: | Aug. 5
|
| Distribution: | Rule 144A/Regulation S
|
| Expected ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | Aug. 5, 2015
|
| Coupon: | 4 7/8%
|
| Price: | 99.842
|
| Yield: | 4.911%
|
| Spread: | Treasuries plus 330 bps
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | Aug. 5, 2020
|
| Coupon: | 6 5/8%
|
| Price: | 99.704
|
| Yield: | 6.666%
|
| Spread: | Treasuries plus 375 bps
|
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