Published on 5/8/2023 in the Prospect News Investment Grade Daily.
New Issue: Schlumberger Investment prices $1 billion of notes in two tranches
By Wendy Van Sickle
Columbus, Ohio, May 8 – Schlumberger Investment SA priced $1 billion of senior notes (A2/A) in two tranches on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes are guaranteed by Schlumberger Ltd.
The company sold $500 million of 4.5% five-year notes at 99.81 to yield 4.543%, or a spread of 105 basis points over Treasuries.
Schlumberger priced $500 million of 4.85% 10-year notes at 99.914 to yield 4.861%, or Treasuries plus 135 bps.
BofA Securities, Inc., Deutsche Bank Securities Inc., MUFG Securities Americas Inc., BBVA Securities Inc., BNP Paribas Securities Corp., J.P. Morgan Securities LLC and SG Americas Securities, LLC were the bookrunners.
Schlumberger is an oilfield services company and subsidiary of Schlumberger Ltd. with principal offices in Houston, Paris, London and The Hague.
| Issuer: | Schlumberger Investment SA
|
| Guarantor: | Schlumberger Ltd.
|
| Amount: | $1 billion
|
| Issue: | Senior notes
|
| Bookrunners: | BofA Securities, Inc., Deutsche Bank Securities Inc., MUFG Securities Americas Inc., BBVA Securities Inc., BNP Paribas Securities Corp., J.P. Morgan Securities LLC and SG Americas Securities, LLC
|
| Co-managers: | HSBC Securities (USA) Inc., Natixis Securities Americas LLC, Standard Chartered Bank and UniCredit Capital Markets LLC
|
| Trade date: | May 8
|
| Settlement date: | May 15
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | May 15, 2028
|
| Coupon: | 4.5%
|
| Price: | 99.81
|
| Yield: | 4.543%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole call at Treasuries plus 20 bps until April 15, 2028, then a par call
|
| Cusip: | 806854AK1
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | May 15, 2033
|
| Coupon: | 4.85%
|
| Price: | 99.914
|
| Yield: | 4.861%
|
| Spread: | Treasuries plus 135 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps until Feb. 15, 2033, then a par call
|
| Cusip: | 806854AL9
|
|
|
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