By Christine Van Dusen
Atlanta, April 2 - Saudi Electricity Co. priced a $2.5 billion issue of 10- and 30-year notes (A1/AA-/AA-) on Tuesday, a market source said.
The deal included $1.5 billion notes due 2024 that priced at par to yield 4%. The notes were talked at a yield in the 4 1/8% area.
The second tranche totaled $1 billion notes due 2044 that priced at par to yield 5½%. The notes were talked at a yield of 5½% to 5 5/8%.
Deutsche Bank, HSBC and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.
The issuer is a Riyadh, Saudi Arabia, electric utility.
| Issuer: | Saudi Electricity Co.
|
| Amount: | $2.5 billion
|
| Description: | Notes
|
| Bookrunners: | Deutsche Bank, HSBC, JPMorgan
|
| Trade date: | April 1
|
| Settlement date: | April 8
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 10-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | April 8, 2024
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Price talk: | 4 1/8% area
|
|
|
| 30-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 8, 2044
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Price talk: | 5½% to 5 5/8%
|
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