By Andrea Heisinger
Omaha, Dec. 5 - British Telecommunications plc priced $1.2 billion of senior notes (Baa1/BBB+/BBB+) in two tranches Wednesday, an informed source said.
A $600 million tranche of five-year notes priced at 99.79 with a 5.15% coupon to yield 5.196%, or 190 basis points more than Treasuries. This was at the tight end of price talk that was 190 to 195 bps over Treasuries. The notes have a make-whole call at Treasuries plus 30 bps.
A $600 million tranche of 10-year notes priced at 99.736 with a 5.95% coupon to yield 5.984%, or 205 bps more than Treasuries. This was at the tight end of price talk that was 205 to 210 bps over Treasuries. The notes have a make-whole call at Treasuries plus 30 bps.
Bookrunners were Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and RBS Greenwich Capital.
Proceeds will be used for general corporate purposes.
The communications company is based in London.
| Issuer: | British Telecommunications plc
|
| Issue: | Senior notes
|
| Total amount: | $1.2 billion
|
| Bookrunners: | Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBS Greenwich Capital
|
| Trade date: | Dec. 5
|
| Settlement date: | Dec. 12
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
|
|
| Five-year tranche
|
| Amount: | $600 million
|
| Maturity: | Jan. 15, 2013
|
| Coupon: | 5.15%
|
| Price: | 99.79
|
| Yield: | 5.196%
|
| Spread: | Treasuries plus 190 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Price talk: | 190 to 195 bps
|
|
|
| 10-year tranche
|
| Amount: | $600 million
|
| Maturity: | Jan. 15, 2018
|
| Coupon: | 5.95%
|
| Price: | 99.736
|
| Yield: | 5.984%
|
| Spread: | Treasuries plus 205 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Price talk: | 205 to 210 bps
|
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