By Aleesia Forni
Virginia Beach, Feb. 11 - British Telecommunications plc priced $1.3 billion of senior notes (Baa2/BBB/BBB) in tranches due 2017 and 2019, according to an informed source and an FWP filed with the Securities and Exchange Commission.
The sale included $500 million of 1.25% three-year notes sold at 99.935 to yield 1.272%, or 60 basis points over Treasuries.
There was also $800 million of 2.35% notes due 2019 priced with a spread of Treasuries plus 85 bps.
Pricing was at 99.902 to yield 2.371%.
Both tranches priced tight of talk.
The bookrunners were Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Lloyds Securities LLC and Societe Generale.
Proceeds will be used for general corporate purposes.
British Telecommunications is a London-based internet and phone services company.
| Issuer: | British Telecommunications plc
|
| Issue: | Senior notes
|
| Amount: | $1.3 billion
|
| Joint bookrunners: | Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Lloyds Securities LLC, Societe Generale
|
| Trade date: | Feb. 11
|
| Settlement date: | Feb. 14
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Distribution: | SEC-registered
|
|
|
| Notes due 2017
|
| Amount: | $500 million
|
| Maturity: | Feb. 14, 2017
|
| Coupon: | 1.25%
|
| Price: | 99.935
|
| Yield: | 1.272%
|
| Spread: | Treasuries plus 60 bps
|
| Price talk: | Treasuries plus 65 bps area, tightened from Treasuries plus 80 bps area
|
| Make-whole call: | Treasuries plus 10 bps
|
|
|
| Notes due 2019
|
| Amount: | $800 million
|
| Maturity: | Feb. 14, 2019
|
| Coupon: | 2.35%
|
| Price: | 99.902
|
| Yield: | 2.371%
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 90 bps area, tightened from Treasuries plus 100 bps area
|
| Make-whole call: | Treasuries plus 15 bps area
|
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