By Rebecca Melvin
New York, Sept. 11 – Empresa Nacional del Petroleo (ENAP) priced $600 million of 4˝% 30-year senior notes at 97.13 on Monday at a spread of 195 basis points over U.S. Treasuries, according to a syndicate source.
Pricing of the Rule 144A and Regulation S notes (Baa3/BBB-/A) was in line with guidance, which was tightened from initial price talk of 240 bps over Treasuries.
BofA Merrill Lynch, Citigroup and JPMorgan were bookrunners for the offering
Proceeds were expected to be used to refinance about $425 million of debt, with remaining proceeds earmarked for working capital, capital expenditures and general corporate purposes.
Santiago-based ENAP is a state-owned energy development and production enterprise of the Republic of Chile.
| Issuer: | Empresa Nacional del Petroleo (ENAP)
|
| Amount: | $600 million
|
| Maturity: | Sept. 14, 2047
|
| Description: | Notes
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| Bookrunners: | BofA Merrill Lynch, Citigroup, JPMorgan
|
| Coupon: | 4˝%
|
| Price: | 97.13
|
| Yield: | 4.677%
|
| Spread: | Treasuries plus 195 bps
|
| Trade date: | Sept. 11
|
| Settlement date: | Sept. 14
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: A
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Revised to Treasuries plus 195 bps from IPT of 240 bps
|
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