By Aaron Hochman-Zimmerman
New York, Oct. 3 - TNK-BP priced two tranches of bonds (Baa2/BB+/BBB-) totaling $1.7 billion, according to a market source.
The $600 million five-year bond sold at 99.166 with a coupon of 7.5% and a spread of Treasuries plus 345 basis points. It came at the low end of talk of Treasuries plus 345 bps to 360 bps.
The $1.1 billion 10-year bond sold at 98.728 with a coupon of 7.875% and a spread of Treasuries plus 350 bps. It also came at the low end of talk, in this case Treasuries plus 350 bps to 365 bps.
UBS Investment Bank was bookrunner for the five-year tranche and Credit Suisse for the 10-year.
The deal was offered under Rule 144A and Regulation S.
TNK-BP is a privately owned oil company based in Moscow.
| Issuer: | TNK-BP
|
| Pricing date: | Oct. 3
|
| Settlement date: | Oct. 10
|
| Distribution: | Rule 144A/Regulation S
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
|
|
| Amount: | $600 million
|
| Issue: | Five-year bond
|
| Maturity: | March 13, 2012
|
| Coupon: | 7½%
|
| Price: | 99.166
|
| Spread: | Treasuries plus 345 bps
|
| Bookrunner: | UBS
|
| Price talk: | Treasuries plus 345 bps to 360 bps
|
|
|
| Amount: | $1.1 billion
|
| Issue: | 10-year bond
|
| Maturity: | March 13, 2018
|
| Coupon: | 7 7/8%
|
| Price: | 98.728
|
| Spread: | Treasuries plus 350 bps
|
| Bookrunner: | Credit Suisse
|
| Price talk: | Treasuries plus 350 bps to 365 bps
|
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