Nogaholding’s $1 billion 10-year senior notes talked to yield 7½%

By Rebecca Melvin

New York, Oct. 18 – Bahrain’s Nogaholding was expected to price $1 billion of 10-year senior notes (expected //BB+) later Wednesday to yield 7½%, according to a market source.

Pricing was tightened from initial talk in the in the high 7% area.

Citigroup, JPMorgan, Bank ABC, BNP Paribas, HSBC and Gulf International Bank are the bookrunners of the Rule 144A and Regulation S deal.

Proceeds of the notes, being sold under a global medium-term note program, will be used for general corporate purposes.

Wholly owned by Bahrain, Nogaholding is the strategic investment and development arm of the sovereign’s National Oil and Gas Authority.

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