Chicago, June 29 – Qatar Insurance Co. QSPC priced a $400 million offering of 6¾% subordinated tier 2 notes at par (BBB+) on Wednesday, according to a market source.
Initial price talk was in the low 7% area.
The listed issuer is QIC (Cayman) Ltd. with a guarantee from Qatar Insurance.
The perpetual notes come with six years of call protection. Starting on April 7, 2028 through the first reset date, the notes can be redeemed at par. After the initial call period, the notes can be redeemed at par on any interest payment date.
The coupon resets after six years. The reset margin is six-year CMT plus 353.7 basis points.
Interest may be optionally deferred.
BNP Paribas is the sole structuring adviser for the Regulation S offer.
The global coordinators and joint bookrunners are BNP Paribas and J.P. Morgan.
Also serving as joint bookrunners are Credit Suisse, Emirates NBD Capital, HSBC and QNB Capital.
Proceeds will be used to repurchase subordinated notes that are part of a tender offer and have their first par call date in September.
The issuer, based in Doha, Qater, specializes in personal and business asset protection.
| Issuer: | QIC (Cayman) Ltd.
|
| Guarantor: | Qatar Insurance Co. QSPC
|
| Amount: | $400 million
|
| Issue: | Tier 2 subordinated notes
|
| Maturity: | Perpetual
|
| Bookrunners: | BNP Paribas, J.P. Morgan, Credit Suisse, Emirates NBD Capital, HSBC and QNB Capital
|
| Coupon: | 6¾%; resets starting April 7, 2028 to CMT plus 353.7 bps
|
| Price: | Par
|
| Yield: | 6¾%
|
| Call features: | At par starting April 7, 2028 through first reset date; par on any interest payment date after that
|
| Trade date: | June 29
|
| Settlement date: | July 7
|
| Ratings: | BBB+
|
| Distribution: | Regulation S
|
| Price talk: | 7% area
|
| ISIN: | XS2451768720
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
