By Reshmi Basu
New York, July 22 - Sarawak International Inc. priced $600 million of 10-year bullet notes (Baa1/A-) at 99.016 with a 5½% coupon to yield 139 basis points more than Treasuries, according to a market source.
The issuer is a special-purpose entity of the Malaysian State of Sarawak, which is located on the northwest coast of Borneo.
Deutsche Bank Securities was the bookrunner for the Regulation S offering.
The notes have a coupon of 5½% and will be guaranteed by SGOS Capital Holdings Sdn. Bhd., which is wholly owned by the State of Sarawak.
The state government of Sarawak will provide a letter of support.
| Issuer: | Sarawak International Inc.
|
| Guarantor: | SGOS Capital Holdings Sdn. Bhd.
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| Amount: | $600 million
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| Issue: | Bullet notes
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| Maturity: | Aug. 3, 2015
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| Coupon: | 5½%
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| Issue price: | 99.016
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| Spread: | 139 basis points more than Treasuries
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| Pricing date: | July 22
|
| Settlement date: | Aug. 3
|
| Bookrunner: | Deutsche Bank Securities
|
| Moody's: Baa1
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| Standard & Poor's: A-
|
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