By Cristal Cody
Tupelo, Miss., March 21 – BNG Bank NV (Aaa/AAA/AA+) priced an upsized $300 million reopening of its senior floating-rate notes due March 11, 2022 on Thursday to yield Libor plus 5 basis points, according to a market source.
Initial price talk was in the Libor plus 5 bps area.
The offering was upsized from $250 million.
The notes have a coupon of Libor plus 7 bps.
BNG Bank most recently priced a $300 million add-on to the notes on Feb. 12 to yield Libor plus 5 bps.
The issue was originally priced in a $500 million offering on April 5, 2018 at Libor plus 7 bps. The total outstanding is now $1.56 billion.
Citigroup Global Markets Inc. and Scotia Capital (USA) Inc. were the bookrunners of the Rule 144A- and Regulation S-eligible transaction.
The banking services company, formerly known as Bank Nederlandse Gemeenten NV, is based in The Hague, Netherlands.
| Issuer: | BNG Bank NV
|
| Amount: | $300 million reopening
|
| Description: | Senior floating-rate notes
|
| Maturity: | March 11, 2022
|
| Bookrunners: | Citigroup Global Markets Inc. and Scotia Capital (USA) Inc.
|
| Coupon: | Libor plus 7 bps
|
| Yield: | Libor plus 5 bps
|
| Trade date: | March 21
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AA+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Libor plus 5 bps area
|
| Total outstanding: | $1.56 billion, including $300 million of notes priced Feb. 12 to yield Libor plus 5 bps and the original $500 million issue priced April 5, 2018 at Libor plus 7 bps
|
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