By Wendy Van Sickle
Columbus, Ohio, Nov. 8 – Var Energi ASA priced €750 million of subordinated fixed-rate reset securities due Nov. 15, 2083 (Ba2/BB+), according to a notice.
The coupon is 7.862% until the first reset date on Feb. 15, 2029, then will convert to mid-swaps plus 476.5 basis points, with the margin stepping up by 25 bps in February 2034 and an additional 75 bps in February 2049.
The notes were issued at par. They may be redeemed at par at any time during the 90-day period prior to the first reset date and on each subsequent interest payment date.
Barclays, Citi and UniCredit acted as global coordinators and structuring advisers. Barclays, BofA Securities, Citi, Credit Agricole CIB, DNB Markets, Intesa Sanpaolo (Divisione IMI CIB), Natixis, SMBC, Standard Chartered Bank and UniCredit acted as active bookrunners.
Proceeds will be used for general corporate purposes.
Var Energi is an independent upstream oil and gas company based in Sandnes, Norway.
| Issuer: | Var Energi ASA
|
| Amount: | €750 million
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| Issue: | Subordinated fixed-rate reset securities
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| Maturity: | Nov. 15, 2083
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| Bookrunners: | Barclays, BofA Securities, Citi, Credit Agricole CIB, DNB Markets, Intesa Sanpaolo (Divisione IMI CIB), Natixis, SMBC, Standard Chartered Bank and UniCredit
|
| Coupon: | 7.862% until first reset date on Feb. 15, 2029, then mid-swaps plus 476.5 bps, with margin stepping up by 25 bps in February 2034 and an additional 75 bps in February 2049
|
| Price: | Par
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| Call option: | At par at any time during 90-day period prior to first reset date and on each subsequent interest payment date
|
| Pricing date: | Nov. 8
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| Settlement date: | Nov. 15
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| Ratings: | Moody’s: Ba2
|
| S&P: BB+
|
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