By Rebecca Melvin
New York, April 11 – GTLK Europe Capital DAC priced $500 million of 5.95% six-year notes (expected ratings: Ba2//BB) on Wednesday at 99.132 to yield 6 1/8%, or a spread of 379 basis points over mid-swaps, according to a market source.
Pricing came tight to initial talk for a yield of 6 3/8% to 6˝%.
Orders for the new paper topped $1.5 billion.
The issuer is a subsidiary of GTLK Europe DAC, which is owned by State Transport Leasing Co. PJSC (STLC), and both entities are guarantors of the notes.
The Regulation S deal was sold via bookrunners J.P. Morgan Securities plc, Renaissance Capital, Gazprombank, Societe Generale, Sovcombank and VTB Capital.
The proceeds will be used for general corporate purposes and to repay existing debt.
GTLK is a subsidiary of State Transport Leasing, a Yamalo-Nenets, Russia provider of credit to industries.
| Issuer: | GTLK Europe DAC
|
| Guarantors: | GTLK Europe DAC and State Transport Leasing Co. PJSC
|
| Amount: | $500 million
|
| Maturity: | April 17, 2025
|
| Description: | Notes
|
| Bookrunners: | J.P. Morgan Securities plc, Renaissance Capital, Gazprombank, Societe Generale, Sovcombank and VTB Capital
|
| Coupon: | 5.95%
|
| Price: | 99.132
|
| Yield: | 6 1/8%
|
| Spread: | Mid-swaps plus 379 bps
|
| Trade date: | April 10
|
| Settlement date: | April 17
|
| Price talk: | 6 3/8%-6˝%
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
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