By Devika Patel
Knoxville, Tenn., Aug. 11 – Chevron U.S.A. Inc. offered further details, including the price and call features, about a $4 billion sale of senior notes (Aa2/AA) that priced in seven tranches on Monday, according to an FWP filed with the Securities and Exchange Commission.
All of the notes priced at par.
A $350 million tranche of two-year floating-rate notes priced at Libor plus 11 basis points.
Chevron sold $400 million of 0.333% two-year fixed-rate notes at a spread of Treasuries plus 20 bps.
The company placed $500 million of three-year floating-rate notes at Libor plus 28 bps.
There was a $500 million tranche of 0.426% three-year fixed-rate notes at a Treasuries plus 28 bps spread.
A $750 million tranche of 0.687% five-year notes priced at a spread of 45 bps over Treasuries.
Chevron placed $750 million of 1.018% seven-year notes at a Treasuries plus 60 bps spread.
In the final tranche, $750 million of 2.341% 30-year notes priced at a 110 bps over Treasuries spread.
The two-year fixed-rate notes were talked to price at the Treasuries plus 35 bps area, three-year notes at the Treasuries plus 45 bps area, the five-year notes at the 65 bps spread area, the seven-year notes at the 85 bps spread area and the 30-year notes at the 130 bps over Treasuries area.
Citigroup Global Markets Inc., Barclays, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., BofA Securities Inc., HSBC Securities (USA) Inc. and SG Americas Securities LLC were the bookrunners.
The notes will be guaranteed by Chevron Corp.
Proceeds will be used for general corporate purposes, including refinancing a portion of Chevron Corp.’s commercial paper borrowings.
The petroleum, chemical, mining, power and energy company is based in San Ramon, Calif.
| Issuer: | Chevron U.S.A. Inc.
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| Guarantor: | Chevron Corp.
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| Amount: | $4 billion
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| Description: | Senior notes
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| Bookrunners: | Citigroup Global Markets Inc., Barclays, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., BofA Securities Inc., HSBC Securities (USA) Inc. and SG Americas Securities LLC
|
| Co-managers: | Goldman Sachs & Co. LLC, MUFG, Wells Fargo Securities LLC, Deutsche Bank Securities Inc., Mizuho Securities USA LLC, RBC Capital Markets LLC, SMBC Nikko Securities America Inc., Standard Chartered Bank, ANZ Securities Inc., BBVA Securities Inc., Credit Suisse Securities (USA) LLC, Intesa Sanpaolo SpA, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Santander Investment Securities Inc., Scotia Capital (USA) Inc., Standard Bank of South Africa Ltd., UniCredit Capital Markets LLC, U.S. Bancorp Investments Inc. and Westpac Capital Markets LLC
|
| Trade date: | Aug. 10
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| Settlement date: | Aug. 12
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| Ratings: | Moody’s: Aa2
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| S&P: AA
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| Distribution: | SEC registered
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|
|
| Two-year floaters
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| Amount: | $350 million
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| Maturity: | Aug. 12, 2022
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| Coupon: | Libor plus 11 bps
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| Price: | Par
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| Yield: | Libor plus 11 bps
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| Call: | Non-callable
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|
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| Two-year notes
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| Amount: | $400 million
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| Maturity: | Aug. 12, 2022
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| Coupon: | 0.333%
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| Price: | Par
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| Yield: | 0.333%
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| Spread: | Treasuries plus 20 bps
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| Call: | Make-whole call at Treasuries plus 5 bps
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| Price guidance: | Treasuries plus 35 bps area
|
|
|
| Three-year floaters
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| Amount: | $500 million
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| Maturity: | Aug. 12, 2023
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| Coupon: | Libor plus 20 bps
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| Price: | Par
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| Yield: | Libor plus 20 bps
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| Call: | Non-callable
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|
|
| Three-year notes
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| Amount: | $500 million
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| Maturity: | Aug. 12, 2023
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| Coupon: | 0.426%
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| Price: | Par
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| Yield: | 0.426%
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| Spread: | Treasuries plus 28 bps
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| Call: | Make-whole call at Treasuries plus 5 bps
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| Price guidance: | Treasuries plus 45 bps area
|
|
|
| Five-year notes
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| Amount: | $750 million
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| Maturity: | Aug. 12, 2025
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| Coupon: | 0.687%
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| Price: | Par
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| Yield: | 0.687%
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| Spread: | Treasuries plus 45 bps
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| Call: | Make-whole call at Treasuries plus 10 bps
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| Price guidance: | Treasuries plus 65 bps area
|
|
|
| Seven-year notes
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| Amount: | $750 million
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| Maturity: | Aug. 12, 2027
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| Coupon: | 1.018%
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| Price: | Par
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| Yield: | 1.018%
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| Spread: | Treasuries plus 60 bps
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| Call: | Make-whole call at Treasuries plus 10 bps
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| Price guidance: | Treasuries plus 85 bps area
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|
|
| 30-year notes
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| Amount: | $750 million
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| Maturity: | Aug. 12, 2050
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| Coupon: | 2.341%
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| Price: | Par
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| Yield: | 2.341%
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| Spread: | Treasuries plus 110 bps
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| Call: | Make-whole call at Treasuries plus 20 bps
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| Price guidance: | Treasuries plus 130 bps area
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