By Christine Van Dusen
Atlanta, Oct. 25 - Banco Nacional de Costa Rica priced a combined $1 billion of five- and 10-year notes (expected ratings: Baa3//BB+) on Friday, a market source said.
The $500 million 4 7/8% five-year notes priced at 99.331 to yield Treasuries plus 375 basis points, following talk of a spread in the Treasuries plus low-400 area.
The $500 million 10-year notes - also talked at a spread in the low-400 bps area - priced at 99.072 to yield Treasuries plus 387.5 bps
BofA Merrill Lynch and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.
The notes include a change-of-control put at 101%.
The proceeds will be used for debt refinancing, to increase the company's liquidity profile and for general corporate purposes.
| Issuer: | Banco Nacional de Costa Rica
|
| Amount: | $1 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, JPMorgan
|
| Change-of-control put: | 101%
|
| Trade date: | Oct. 25
|
| Settlement date: | Nov. 1
|
| Expected ratings: | Moody's: Baa3
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 1, 2018
|
| Coupon: | 4 7/8%
|
| Price: | 99.331
|
| Spread: | Treasuries plus 375 bps
|
| Price talk: | Treasuries plus low-400 bps area
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 1, 2023
|
| Coupon: | 6¼
|
| Price: | 99.072
|
| Spread: | Treasuries plus 387.5 bps
|
| Price talk: | Treasuries plus low-400 bps area
|
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