By Paul A. Harris
Portland, Ore., March 29 – Italian oilfield services provider Saipem SpA priced a €500 million issue of five-year fixed-rate notes (Ba1/BB+) at par to yield 2¾% on Wednesday, according to a market source.
The yield printed on top of final yield talk, which was tightened from earlier guidance in the 3% area.
The deal was priced on the investment-grade desk.
Barclays, BNP Paribas, Citigroup, HSBC, JPMorgan and UniCredit are managing the sale.
The issuing entity will be Saipem Finance International BV.
| Issuer: | Saipem Finance International BV
|
| Amount: | €500 million
|
| Maturity: | April 1, 2022
|
| Securities: | Fixed-rate notes
|
| Managers: | Barclays, BNP Paribas, Citigroup, HSBC, JPMorgan and UniCredit
|
| Coupon: | 2¾%
|
| Price: | Par
|
| Yield: | 2¾%
|
| Trade date: | March 29
|
| Ratings: | Moody's: Ba1
|
| S&P: BB+
|
| Distribution: | Euro medium-term notes program
|
| Price talk: | 2¾%, from 3% area
|
| Marketing: | Quick to market
|
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