New Issue: Bharat Petroleum prices $500 million 4% notes due 2025 at 208 bps over Treasuries

By Christine Van Dusen

Atlanta, April 29 – India’s Bharat Petroleum Corp. Ltd. priced $500 million 4% 10-year notes (expected ratings: Baa3//BBB-) at 99.105 to yield 4.11%, or Treasuries plus 208 basis points, on Wednesday, a market source said.

The notes were talked at a spread in the 210 bps area.

Citigroup, Deutsche Bank, HSBC and Standard Chartered Bank were the bookrunners for the Regulation S-only deal.

Bharat Petroleum is an oil and gas company based in Mumbai.

Issuer:	Bharat Petroleum Corp. Ltd.
Amount:	$500 million
Maturity:	May 8, 2025
Description:	Senior notes
Bookrunners:	Deutsche Bank, HSBC, Citigroup, Standard Chartered Bank
Coupon:	4%
Price:	99.105
Yield:	4.11%
Spread:	Treasuries plus 208 bps
Trade date:	April 29
Settlement date:	May 8
Ratings:	Moody’s: Baa3
	Fitch: BBB-
Distribution:	Regulation S
Price talk:	Treasuries plus 210 bps area

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