By Cristal Cody
Tupelo, Miss., March 16 – APT Pipelines Ltd. sold $850 million of 4.25% long 10-year notes on Thursday at a spread of Treasuries plus 180 basis points, a market source said.
The notes due July 16, 2027 (Baa2/BBB/) priced on the tight side of guidance for a spread in the Treasuries plus 185 bps area, plus or minus 5 bps.
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used to refinance maturing debt and for general corporate purposes.
APT Pipelines is a Sydney, Australia-based financing arm of Australian Pipeline Trust and is the borrowing entity of APA Group.
| Issuer: | APT Pipelines Ltd.
|
| Amount: | $850 million
|
| Description: | Senior guaranteed notes
|
| Maturity: | July 16, 2027
|
| Bookrunners: | J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Coupon: | 4.25%
|
| Spread: | Treasuries plus 180 bps
|
| Trade date: | March 16
|
| Settlement: | March 23
|
| Price guidance: | Treasuries plus 185 bps area, plus or minus 5 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | Rule 144A, Regulation S
|
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