By William Gullotti and Cristal Cody
Buffalo, N.Y., April 27 – Empresa Nacional del Petroleo (ENAP) priced $500 million of 6.15% 10-year notes (Baa3/BB+/A-) on Wednesday, according to information from a market source and a company notice.
The notes priced with a yield of 6.191% or a spread of 275 basis points over Treasuries, low to talk in the Treasuries plus 325 bps area.
Citigroup, Santander, Scotia Capital and SMBC are the bookrunners.
The company reported that the order book reached $3.3 billion.
ENAP will use the proceeds for the cash tender offer announced previously by ENAP for its $600 million of 4 3/8% notes due 2024.
ENAP is a Santiago, Chile-based energy company engaged in the exploration, development and production of crude oil and natural gas.
| Issuer: | Empresa Nacional del Petroleo (ENAP)
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| Amount: | $500 million
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| Issue: | Notes
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| Maturity: | May 10, 2033
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| Bookrunners: | Citigroup, Santander, Scotia Capital and SMBC
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| Counsel to issuer: | Linklaters and Garrigues
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| Counsel to underwriters: | Cleary Gottlieb and Morales & Besa
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| Coupon: | 6.15%
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| Yield: | 6.191%
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| Spread: | Treasuries plus 275 bps
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| Trade date: | April 26
|
| Ratings: | Moody’s: Baa3
|
| S&P: BB+
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| Fitch: A-
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| Price talk: | Treasuries plus 325 bps area
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