Published on 6/27/2017 in the Prospect News High Yield Daily.
New Issue: Norway’s Aker BP prices $400 million five-year notes at par to yield 6%
By Paul A. Harris
Portland, Ore., June 27 – Norwegian energy company Aker BP priced a $400 million issue of five-year senior notes (Ba3/BB+) at par to yield 6%, according to a market source.
The yield printed at the tight end of the 6% to 6¼% yield talk.
JP Morgan, Barclays, BNP Paribas, Citigroup, Deutsche Bank and DNB were the bookrunners.
The company, a national subsidiary of BP, plans to use the proceeds to repay debt.
| Issuer: | Aker BP
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| Amount: | $400 million
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| Maturity: | July 1, 2022
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| Securities: | Senior notes
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| Bookrunners: | JP Morgan, Barclays, BNP Paribas, Citigroup, Deutsche Bank, DNB
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
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| Spread: | 421 bps
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| Call protection: | Two years
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| Settlement date: | July 5
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| Ratings: | Moody’s: Ba3
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| S&P: BB+
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| Distribution: | Rule 144A for life
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| Price talk: | 6% to 6¼%
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