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China National Petroleum sets talk for five-, 10-year dollar notes
By Christine Van Dusen
Atlanta, May 6 – China National Petroleum Corp. set talk for a two-tranche offering of dollar-denominated notes due in five and 10 years (expected ratings: A1/A+/A), a market source said.
The five-year notes were talked at a spread of Treasuries plus 140 basis points.
The 10-year notes were talked at a spread of Treasuries plus 165 bps to 170 bps.
Citigroup, Morgan Stanley, Credit Suisse, Goldman Sachs, HSBC and Standard Chartered Bank are the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used for refinancing certain debt and for general corporate purposes.
The notes, which will be issued by Kunlun Energy Co. Ltd., will include a change-of-control put at 101%.
CNPC is a government-owned oil and gas company based in Beijing.
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