By Christine Van Dusen
Atlanta, Sept. 24 - India's NTPC Ltd. priced $500 million 4¾% 10-year notes (/BBB-/BBB-) at 99.89 to yield 4.764%, or Treasuries plus 305 basis points, a market source said.
The notes were talked at a spread of Treasuries plus 305 bps to 310 bps.
Barclays, Citigroup, Deutsche Bank and RBS were the bookrunners for the Regulation S deal.
The notes include a change-of-control put if India ceases to own more than 50% of the voting securities.
NTPC is a state-owned electric utility company based in New Delhi.
| Issuer: | NTPC Ltd.
|
| Amount: | $500 million
|
| Maturity: | Oct. 3, 2022
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, Citigroup, Deutsche Bank, RBS
|
| Coupon: | 4¾%
|
| Price: | 99.89
|
| Yield: | 4.764%
|
| Spread: | Treasuries plus 305 bps
|
| Change-of-control put: | If government of India ceases to own more than 50% of voting securities
|
| Trade date: | Sept. 24
|
| Settlement date: | Oct. 3
|
| Ratings: | Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | Treasuries plus 305 bps to 310 bps
|
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