By Cristal Cody
Tupelo, Miss., July 19 – Kommunalbanken AS (Aaa/AAA) priced an upsized $500 million add-on to its floating-rate notes due Sept. 8, 2021 on Wednesday to yield Libor plus 11 basis points in a Rule 144A and Regulation S deal, according to a market source.
The notes have a coupon of Libor plus 13 bps and were initially talked to price in the Libor plus 12 bps area.
The deal was upsized from $300 million.
BMO Capital Markets Corp., Morgan Stanley & Co. LLC and Nomura Securities International, Inc. were the lead managers.
Kommunalbanken originally sold $300 million of the notes on Aug. 29, 2014 at par to yield Libor plus 13 bps and priced a $200 million reopening on June 1, 2016. The total outstanding now is $1 billion.
The government-funded lender to municipalities is based in Oslo.
| Issuer: | Kommunalbanken AS
|
| Amount: | $500 million reopening
|
| Description: | Floating-rate notes
|
| Maturity: | Sept. 8, 2021
|
| Bookrunners: | BMO Capital Markets Corp., Morgan Stanley & Co. LLC and Nomura Securities International, Inc.
|
| Coupon: | Libor plus 13 bps
|
| Yield: | Libor plus 11 bps
|
| Trade date: | July 19
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | Libor plus 12 bps area
|
| Total outstanding: | $1 billion, including $300 million priced on Aug. 29, 2014 at par to yield Libor plus 13 bps and $200 million sold on June 1, 2016 with a yield of Libor plus 35 bps
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