By Marisa Wong and Cristal Cody
Los Angeles, March 31 – Malaysia International Shipping Corp. Bhd. sold $1 billion of notes in two tranches on Wednesday, according to a market source.
The notes will be issued through MISC Capital Two (Labuan) Ltd.
A $400 million tranche of 3 5/8% notes due April 6, 2025 was priced with a spread of 115 basis points over Treasuries. Initial price talk was in the Treasuries plus 160 bps area.
A $600 million tranche of 3¾% notes due April 6, 2027 was priced with a spread of 135 bps over Treasuries. Initial price talk was in the Treasuries plus 180 bps area.
Citi, Standard Chartered Bank, Maybank and MUFG are the bookrunners.
The energy transportation and maritime services company is based in Kuala Lumpur, Malaysia.
| Issuer: | MISC Capital Two (Labuan) Ltd. (for Malaysia International Shipping Corp. Bhd.)
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| Amount: | $1 billion
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| Issue: | Notes
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| Maturity: | April 6, 2027
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| Bookrunners: | Citi, Standard Chartered Bank, Maybank and MUFG
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| Trade date: | March 30
|
| Settlement date: | April 6
|
|
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| 2025 notes
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| Amount: | $400 million
|
| Maturity: | April 6, 2025
|
| Coupon: | 3 5/8%
|
| Spread: | Treasuries plus 115 bps
|
| Initial price talk: | Treasuries plus 160 bps area
|
| ISINs: | US60475DAA90, USY6080GAA59
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|
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| 2027 notes
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| Amount: | $600 million
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| Maturity: | April 6, 2027
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| Coupon: | 3¾%
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| Spread: | Treasuries plus 135 bps
|
| Initial price talk: | Treasuries plus 180 bps area
|
| ISINs: | US60475DAB73, USY6080GAB33
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