New Issue: India's NTPC prices $500 million 5 5/8% notes due 2021 at 255 bps over Treasuries

By Christine Van Dusen

Atlanta, July 7 - India's NTPC Ltd. sold $500 million 5 5/8% senior fixed-rate notes due July 14, 2021 (/BBB-/BBB-) at 99.359 to yield 5.71%, or Treasuries plus 255 basis points, a market source said.

The notes priced below guidance, which was set at the Treasuries plus 265 bps area.

Barclays Capital, Citigroup, Deutsche Bank and RBS were the bookrunners for the Regulation S-only notes.

NTPC is a government-owned power generator based in Delhi, India.

Issuer:	NTPC Ltd.
Amount:	$500 million
Maturity:	July 14, 2021
Description:	Senior fixed-rate notes
Bookrunners:	Barclays Capital, Citigroup, Deutsche Bank, RBS
Coupon:	5 5/8%
Price:	99.359
Yield:	5.71%
Spread:	Treasuries plus 255 bps
Trade date:	July 7
Settlement date:	July 14
Ratings:	Standard & Poor's: BBB-
	Fitch: BBB-
Distribution:	Regulation S only
Price talk:	Treasuries plus 265 bps area

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