By Andrea Heisinger
New York, Jan. 6 - Motiva Enterprises, LLC priced a combined $2 billion of notes (A2/A/) in two tranches early on Wednesday, a source close to the sale said.
The offering was held overnight from Tuesday to allow investors from Asia and Europe in on the deal, the source said.
A $1 billion tranche of 5.75% 10-year notes priced at 99.804 to yield 5.776%, or 200 basis points over Treasuries. The notes include a make-whole call of Treasuries plus 30 bps.
A $1 billion tranche of 6.85% 30-year notes priced at 99.708 to yield 6.873%, or Treasuries plus 225 bps. There is a make-whole call at Treasuries plus 35 bps.
Credit Suisse Securities and J.P. Morgan Securities Inc. were the bookrunners.
The deal was done via Rule 144A and Regulation S.
The oil refining business is a joint venture between Shell Oil Co. and Saudi Refining and is based in Houston.
| Issuer: | Motiva Enterprises LLC
|
| Issue: | Notes
|
| Amount: | $2 billion
|
| Bookrunners: | Credit Suisse Securities, J.P. Morgan Securities Inc.
|
| Distribution: | Rule 144A/Regulation S
|
| Trade date: | Jan. 6
|
| Settlement date: | Jan. 11
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 15, 2020
|
| Coupon: | 5.75%
|
| Price: | 99.804
|
| Yield: | 5.776%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
|
|
| 30-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 15, 2040
|
| Coupon: | 6.85%
|
| Price: | 99.708
|
| Yield: | 6.873%
|
| Spread: | Treasuries plus 225 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
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