Bahrain-based Batelco has priced a US$650m seven-year bond offering, led by BNP Paribas and Citigroup.
The issue priced at a spread of 325 basis points over seven-year US Treasuries, with a yield of 4.342% and coupon of 4.250% per annum.
“The…
Bahrain-based Batelco has priced a US$650m seven-year bond offering, led by BNP Paribas and Citigroup.
The issue priced at a spread of 325 basis points over seven-year US Treasuries, with a yield of 4.342% and coupon of 4.250% per annum.
“The pricing, at the tight end of revised price guidance, reflects the strong interest and participation of a well diversified group of global investors,” Batelco said in a statement.
The bonds attracted a US$4.8bn order book across 255 accounts. They are rated BBB- by both Standard & Poor’s and Fitch.
Proceeds of the transaction, which marks Batelco’s first foray into the international bond market, will cover part of a US$1bn financing facility for its purchase of CWC’s Monaco & Islands portfolio earlier this month. The remainder of the facility may be covered with a term loan.
On 3 April, the Bahraini incumbent completed its acquisition of CWC’s Monaco & Islands assets for up to US$915m, on a cash and debt free basis.