By Cristal Cody
Tupelo, Miss., Jan. 31 – Schlumberger Holdings Corp. priced $1.6 billion of senior notes (Baa1/AA-) in two tranches at the start of the week, according to a market source.
The company sold $750 million of 3.75% five-year notes at a spread of 122 basis points over Treasuries, on the tight side of guidance in the Treasuries plus 125 bps area, plus or minus 3 bps.
Schlumberger priced $850 million of 4.3% 10-year notes at a Treasuries plus 157 bps spread. Guidance on the notes was in the Treasuries plus 160 bps area, plus or minus 3 bps.
BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the bookrunners.
Schlumberger is an oilfield services company and subsidiary of Schlumberger Ltd. with principal offices in Houston, Paris, London and The Hague.
| Issuer: | Schlumberger Holdings Corp.
|
| Amount: | $1.6 billion
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| Description: | Senior notes
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| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
|
| Trade date: | Jan. 28
|
| Ratings: | Moody’s: Baa1
|
| S&P: AA-
|
|
|
| Five-year notes
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| Amount: | $750 million
|
| Maturity: | May 1, 2024
|
| Coupon: | 3.75%
|
| Spread: | Treasuries plus 122 bps
|
| Price guidance: | Treasuries plus 125 bps area, plus or minus 3 bps; initial talk at Treasuries plus 145 bps area
|
|
|
| 10-year notes
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| Amount: | $850 million
|
| Maturity: | May 1, 2029
|
| Coupon: | 4.3%
|
| Spread: | Treasuries plus 157 bps
|
| Price guidance: | Treasuries plus 160 bps area, plus or minus 3 bps; initial talk at Treasuries plus 175 bps area
|
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