Published on 5/10/2023 in the Prospect News Investment Grade Daily.
New Issue: ConocoPhillips prices $1.1 billion 5.3% notes due 2053
By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., May 10 – ConocoPhillips Co. issued $1.1 billion of 5.3% notes due May 15, 2053 (A2/A-/A), according to an FWP filed with the Securities and Exchange Commission.
The notes will be guaranteed by ConocoPhillips.
The notes priced at 99.377 to yield 5.342%, or at Treasuries plus 150 basis points.
Price talk was in the Treasuries plus 175 bps area, a source noted.
The notes will be callable with a make-whole premium of Treasuries plus 25 bps until Nov. 15, 2052, six months prior to maturity, when they become callable at par.
TD Securities (USA) LLC, J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc. and RBC Capital Markets, LLC are the joint bookrunners.
Proceeds will be used to fund the purchase price of ConocoPhillips' and ConocoPhillips Co.'s upsized $1.1 billion cash tender offer.
ConocoPhillips is a Houston-based energy company.
| Issuer: | ConocoPhillips Co.
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| Guarantor: | ConocoPhillips
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| Issue: | Notes
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| Amount: | $1.1 billion
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| Maturity: | May 15, 2053
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| Bookrunners: | TD Securities (USA) LLC, J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc. and RBC Capital Markets, LLC
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| Co-managers: | Barclays, BBVA Securities Inc., DNB Markets, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Standard Chartered Bank and U.S. Bancorp Investments, Inc.
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| Trustee: | Bank of New York Mellon Trust Co., NA
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| Counsel to issuer: | King & Spalding LLP
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| Counsel to bookrunners: | Cravath, Swaine & Moore LLP
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| Coupon: | 5.3%
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| Price: | 99.377
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| Yield: | 5.342%
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| Spread: | Treasuries plus 150 bps
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| Call features: | At Treasuries plus 25 bps until Nov. 15, 2052; thereafter at par
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| Pricing date: | May 9
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| Settlement date: | May 23
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| Ratings: | Moody’s: A2
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| S&P: A-
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| Fitch: A
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| Price talk: | Treasuries plus 175 bps area
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| Cusip: | 20826FBE5
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