By Toni Weeks
San Luis Obispo, Calif., May 6 – China’s Kunlun Energy Co. Ltd. priced $1 billion of senior notes in two tranches on Wednesday, according to a company filing.
The company priced $500 million of 2 7/8% senior notes due 2020 at 99.557 and $500 million of 3¾% senior notes due 2025 at 99.013.
Citigroup Global Markets Inc. and Morgan Stanley & Co. International plc are the joint global coordinators for the Rule 144A and Regulation S deal and serve as joint lead managers and bookrunners with Credit Suisse Securities (Europe) Ltd., Goldman Sachs (Asia) LLC, HSBC Ltd. and Standard Chartered Bank.
The proceeds will be used for refinancing of debt and for general corporate purposes.
Kunlun is a subsidiary of Beijing-based China National Petroleum Corp.
| Issuer: | Kunlun Energy Co. Ltd.
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Call option: | At par from time to time
|
| Bookrunners: | Citigroup Global Markets Inc. and Morgan Stanley & Co. International plc (joint global coordinators); Credit Suisse Securities (Europe) Ltd., Goldman Sachs (Asia) LLC, HSBC Ltd. and Standard Chartered Bank
|
| Announcement date: | April 28
|
| Pricing date: | May 6
|
| Settlement date: | May 13
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | May 13, 2020
|
| Coupon: | 2 7/8%
|
| Price: | 99.557
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | May 13, 2025
|
| Coupon: | 3¾%
|
| Price: | 99.013
|
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