By Christine Van Dusen
Atlanta, April 25 – China Petroleum & Chemical Corp. priced a $3 billion issue of notes in four tranches due in three, five, 10 and 30 years (expected ratings: Aa3/A+) on Monday, a market source said.
The $1 billion 2 1/8% three-year notes priced at 99.752 to yield Treasuries plus 120 basis points, following talk in the 125 bps area.
The $900 million 2¾% five-year notes priced at 99.815 to yield Treasuries plus 142.5 bps, following talk in the 145 bps area.
The $700 million 3½% 10-year notes priced at 99.166 to yield Treasuries plus 170 bps, following talk in the 175 bps area.
And the $400 million 4¼% 30-year notes priced at par to yield 4¼%, after talk of 4¼%.
Citigroup, Goldman Sachs, Bank of China, HSBC and JPMorgan were the joint global coordinators for the Rule 144A and Regulation S deal.
The notes were issued via Sinopec Group Overseas Development (2016) Ltd.
The proceeds will be used to refinance existing debt.
China Petroleum is an energy and chemical company based in Beijing.
| Issuer: | Sinopec Group Overseas Development (2016) Ltd.
|
| Amount: | $3 billion
|
| Description: | Notes
|
| Bookrunners: | Citigroup, Goldman Sachs, Bank of China, HSBC, JPMorgan
|
| Pricing date: | April 25
|
| Settlement date: | May 3
|
| Expected ratings: Moody's: Aa3
|
| Standard & Poor's: A+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 3, 2019
|
| Coupon: | 2 1/8%
|
| Price: | 99.752
|
| Spread: | Treasuries plus 120 bps
|
| Price talk: | Treasuries plus 125 bps area
|
|
|
| Five-year notes
|
| Amount: | $900 million
|
| Maturity: | May 3, 2021
|
| Coupon: | 2¾%
|
| Price: | 99.815
|
| Spread: | Treasuries plus 142.5 bps
|
| Price talk: | Treasuries plus 145 bps area
|
|
|
| 10-year notes
|
| Amount: | $700 million
|
| Maturity: | May 3, 2026
|
| Coupon: | 3½%
|
| Price: | 99.166
|
| Spread: | Treasuries plus 170 bps
|
| Price talk: | Treasuries plus 175 bps area
|
|
|
| 30-year notes
|
| Amount: | $400 million
|
| Maturity: | May 3, 2046
|
| Coupon: | 4¼%
|
| Price: | Par
|
| Yield: | 4¼%
|
| Price talk: | 4¼%
|
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