Statoil pricing benchmark notes due 2018, 2023, 2041 on Wednesday

By Andrea Heisinger

New York, Nov. 14 - Norway's Statoil ASA is pricing a benchmark amount of notes (Aa2/AA-/) in three tranches on Wednesday, a market source said.

The offering includes new notes due in January 2018 and January 2023, along with a reopening of 4.25% bonds due Nov. 23, 2041.

The reopened bonds have a make-whole call at Treasuries plus 20 basis points. There is $350 million outstanding of the bonds originally priced at a spread of Treasuries plus 125 bps on Nov. 16, 2011.

Bookrunners are Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co.

Proceeds will be used for general corporate purposes, including redemption of $500 million in 5.125% notes due 2014.

Statoil last tapped the U.S. bond market with a $1.75 billion sale in three tranches on Nov. 16, 2011. That offering included 1.8% five-year notes sold at 95 bps over Treasuries and 3.15% 10-year notes sold at 117 bps over Treasuries.

The oil and gas production company is based in Stavanger, Norway.

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