By Cristal Cody
Tupelo, Miss., Nov. 5 – British Telecommunications plc priced $1.5 billion of senior notes (Baa2/BBB) in two tranches on Tuesday, according to a market source.
The company sold $1 billion of 3.25% 10-year notes at a spread of 150 basis points over Treasuries.
Price guidance was in the Treasuries plus 155 bps to 160 bps area.
A $500 million tranche of 4.25% 30-year notes priced with a Treasuries plus 192 bps spread.
Initial price talk was in the Treasuries plus 210 bps area.
Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc. were the bookrunners.
British Telecommunications is a London-based internet and phone services company.
| Issuer: | British Telecommunications plc
|
| Amount: | $1.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc.
|
| Trade date: | Nov. 5
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Nov. 8, 2029
|
| Coupon: | 3.25%
|
| Spread: | Treasuries plus 150 bps
|
| Price guidance: | Treasuries plus 155 bps-160 bps area
|
|
|
| 30-year notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 8, 2049
|
| Coupon: | 4.25%
|
| Spread: | Treasuries plus 192 bps
|
| Price guidance: | Treasuries plus 210 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
