By Aleesia Forni
Virginia Beach, Sept. 26 - China National Offshore Oil Corp. (Cnooc) sold a $1.9 billion equivalent issue of notes in dollar- and euro-denominated tranches (Aa3/A-/), according to a market source.
There was $1.3 billion of 4½% notes due 2023 sold at par with a spread of Treasuries plus 185 basis points.
A €500 million issue of 2¾% notes due 2020 was priced with a spread of mid-swaps plus 115 basis points.
Both tranches sold 25 bps tighter than talk.
Bank of China, JPMorgan, UBS and Goldman Sachs are the bookrunners for the Rule 144A and Regulation S offering.
Cnooc is a Hong Kong-based oil and gas exploration and production company.
| Issuer: | China National Offshore Oil Corp.
|
| Issue: | Notes
|
| Amount: | $1.9 billion equivalent
|
| Joint bookrunners: | Bank of China, JPMorgan, UBS, Goldman Sachs
|
| Trade date: | Sept. 26
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A-
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Notes due 2023
|
| Amount: | $1.3 billion
|
| Maturity: | 2023
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | Treasuries plus 185 bps
|
| Price talk: | Treasuries plus 210 bps
|
|
|
| Notes due 2020
|
| Amount: | €500 million
|
| Maturity: | 2020
|
| Coupon: | 2¾%
|
| Spread: | Mid-swaps plus 115 bps
|
| Price talk: | Mid-swaps plus 140 bps
|
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