By Cristal Cody
Tupelo, Miss., April 2 – BP Capital Markets America Inc. (A1/A-) priced $3.25 billion of senior notes in four tranches on Thursday, according to a market source.
The company sold $750 million of 2.937% three-year notes at a spread of Treasuries plus 265 basis points, tighter than guidance in the Treasuries plus 300 bps area.
BP priced $750 million of 3.194% five-year notes at a Treasuries plus 280 bps spread. Initial talk was in the Treasuries plus 310 bps area.
A $500 million tranche of 3.543% seven-year notes priced with a 300 bps over Treasuries spread.
Also, $1.25 billion of 3.633% 10-year notes priced at a Treasuries plus 300 bps spread.
The seven- and 10-year tranches were talked at the Treasuries plus 325 bps area.
BofA Securities, Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities, LLC and Morgan Stanley & Co. LLC were the bookrunners.
BP Capital Markets America is a Chicago-based aviation and marine fuels provider and subsidiary of London-based oil and gas company BP plc.
| Issuer: | BP Capital Markets America Inc.
|
| Amount: | $3.25 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities, Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities, LLC and Morgan Stanley & Co. LLC
|
| Trade date: | April 2
|
| Ratings: | Moody’s: A1
|
| S&P: A-
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | April 6, 2023
|
| Coupon: | 2.937%
|
| Spread: | Treasuries plus 265 bps
|
| Price talk: | Treasuries plus 300 bps area
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | April 6, 2025
|
| Coupon: | 3.194%
|
| Spread: | Treasuries plus 280 bps
|
| Price talk: | Treasuries plus 310 bps area
|
|
|
| Seven-year notes
|
| Amount: | $500 million
|
| Maturity: | April 6, 2027
|
| Coupon: | 3.543%
|
| Spread: | Treasuries plus 300 bps
|
| Price talk: | Treasuries plus 325 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | April 6, 2030
|
| Coupon: | 3.633%
|
| Spread: | Treasuries plus 300 bps
|
| Price talk: | Treasuries plus 325 bps area
|
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