By Cristal Cody
Tupelo, Miss., Nov. 7 – British Telecommunications plc offered additional details on its previously reported $1.5 billion of senior notes (Baa2/BBB/BBB) that priced in two tranches earlier in the week in a prospectus on Thursday.
The company sold $1 billion of 3.25% 10-year notes at 99.148 to yield 3.351%. The notes priced with a spread of 150 basis points over Treasuries.
Guidance was in the Treasuries plus 155 bps to 160 bps area.
A $500 million tranche of 4.25% 30-year notes priced at par to yield a Treasuries plus 192 bps spread.
Initial price talk was in the Treasuries plus 210 bps area.
The bookrunners of the Rule 144A and Regulation S offering were Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Santander Investment Securities Inc., BNP Paribas Securities Corp., BofA Securities, Inc., HSBC Securities (USA) Inc., Lloyds Bank Corporate Markets plc, MUFG, NatWest Markets Securities Inc., Skandinaviska Enskilda Banken AB, SMBC Nikko Securities Americas, Inc. and SG Americas Securities, LLC.
The notes are fully and unconditionally guaranteed by parent company BT Group plc.
Proceeds will be used for general corporate purposes.
British Telecommunications is a London-based internet and phone services company.
| Issuer: | British Telecommunications plc
|
| Guarantor: | BT Group plc
|
| Amount: | $1.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Santander Investment Securities Inc., BNP Paribas Securities Corp., BofA Securities, Inc., HSBC Securities (USA) Inc., Lloyds Bank Corporate Markets plc, MUFG, NatWest Markets Securities Inc., Skandinaviska Enskilda Banken AB, SMBC Nikko Securities Americas, Inc. and SG Americas Securities, LLC
|
| Trade date: | Nov. 5
|
| Settlement date: | Nov. 8
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Nov. 8, 2029
|
| Coupon: | 3.25%
|
| Price: | 99.148
|
| Yield: | 3.351%
|
| Spread: | Treasuries plus 150 bps
|
| Call features: | Make-whole call before Aug. 8, 2029 at price equal to greater of par or Treasuries plus 250 bps; thereafter at par
|
| Change-of-control put: | 101%
|
| Price guidance: | Treasuries plus 155 bps-160 bps area
|
|
|
| 30-year notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 8, 2049
|
| Coupon: | 4.25%
|
| Price: | Par
|
| Yield: | 4.25%
|
| Spread: | Treasuries plus 192 bps
|
| Call features: | Make-whole call before May 8, 2049 at price equal to greater of par or Treasuries plus 300 bps; thereafter at par
|
| Change-of-control put: | 101%
|
| Price guidance: | Treasuries plus 210 bps area
|
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