By Rebecca Melvin
New York, April 19 – Barclays Africa Group Ltd. priced $400 million 10-year tier 2 subordinated notes (expected ratings: Ba2//BB) at par to yield 6¼%, according to market sources on Thursday.
The notes are non-callable for five years.
Pricing came tight to guidance of 6 3/8% to 6½%, which was tightened from initial talk at 6 5/8%.
ABSA Bank, Barclays, Citigroup and HSBC were bookrunners of the Regulation S notes.
The new securities are to be listed on the London Stock Exchange.
Barclays Africa’s main operating unit is Absa Bank Ltd.
| Issuer: | Barclays Africa Group Ltd.
|
| Issue: | Tier 2 subordinated notes
|
| Amount: | $400 million
|
| Maturity: | April 25, 2028
|
| Bookrunners: | ABSA Bank, Barclays, Citigroup and HSBC
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Calls: | Non-callable for five-years
|
| Pricing date: | April 19
|
| Settlement date: | April 25
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
| Distribution: | Regulation S
|
| Price talk: | 6 3/8%-6½%, tightened from 6 5/8%
|
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