By Paul A. Harris
Portland, Ore., March 15 – Aker BP ASA priced a $500 million issue of seven-year senior notes (Ba2/BB+) at par to yield 5 7/8% on Thursday, according to market sources.
The yield printed at the tight end of yield talk in the 6% area.
Deutsche Bank managed the sale.
The Fornebu, Norway-based oil exploration and development company plans to use the proceeds to partially repay, without cancelling, drawn commitments under its reserves-based lending facility.
| Issuer: | Aker BP ASA
|
| Amount: | $500 million
|
| Tenor: | Seven years
|
| Securities: | Senior notes
|
| Manager: | Deutsche Bank
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Call protection: | Three years
|
| Trade date: | March 15
|
| Settlement date: | March 22
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% area
|
| Marketing: | Roadshow
|
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