By Rebecca Melvin
New York, Oct. 19 – Bahrain’s Nogaholding priced $1 billion of 7½% 10-year senior notes (expected rating: //BB+) at par with a yield spread of U.S. Treasuries plus 516.2 basis points, according to a market source.
Pricing was tightened from initial talk in the in the high 7% area.
Proceeds of the notes, sold under a global medium-term note program, will be used for general corporate purposes.
Citigroup, JPMorgan, Bank ABC, BNP Paribas, HSBC and Gulf International Bank were the bookrunners of the Rule 144A and Regulation S deal.
Wholly owned by Bahrain, Nogaholding is the strategic investment and development arm of the sovereign’s National Oil and Gas Authority.
| Issuer: | Nogaholding
|
| Amount: | $1 billion
|
| Maturity: | Oct. 25, 2027
|
| Description: | Notes
|
| Bookrunners: | Citigroup, JPMorgan, Bank ABC, BNP Paribas, HSBC, Gulf International Bank
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Spread: | U.S. Treasuries plus 516.2 bps
|
| Trade date: | Oct. 19
|
| Settlement date: | Oct. 25
|
| Rating: | Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | High 7% area
|
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