By Angela McDaniels
Seattle, May 16 - The Republic of South Africa priced $1 billion of 5 7/8% global notes due May 30, 2022, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.635 for a yield of 5.912% based on the U.S. 4½% Treasury note due May 15, 2017 plus 120 basis points.
Of the total, $444.456 million with be sold for cash and $555.544 million will be issued to existing noteholders under an exchange offer that expired on Tuesday.
Under the exchange offer, holders of $477.423 million of the republic's 9 1/8% notes due May 19, 2009 and $78.121 million of its 8½% notes due June 23, 2017 will receive an equal amount of the new notes.
Barclays Capital Inc. and Citigroup Global Markets Inc. are joint bookrunners.
| Issuer: | Republic of South Africa
|
| Amount: | $1 billion
|
| Issue: | Global notes
|
| Maturity: | May 30, 2022
|
| Coupon: | 5 7/8%
|
| Price: | 99.635
|
| Yield: | 5.912%
|
| Spread: | 120 bps
|
| Bookrunners: | Barclays Capital Inc. and Citigroup Global Markets Inc
|
| Pricing date: | May 16
|
| Settlement date: | May 30
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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