18 Mar 2011
(MENAFN) Abu Dhabi-based International Petroleum Investment Company (Ipic), said it sold bonds worth USD4.4 billion in order to finance the buyout of the Spain-based Compania Espanola de Petroleos (Cepsa), reported The National.
This was the first time in the Arab world that bond issuance was sterling-denominated multi-tranche, and Ipic’s first Mena benchmark sterling deal since February 2007.
Ipic announced that the sale received over USD12 billion worth of orders submitted by around 350 investors.
Ipic added that the euro-denominated five-year notes have a coupon of 4.875 percent, compared with a 5.875 percent coupon for a second USD1.7 billion tranche of 10-year notes and a 6.875 percent coupon for the USD768 million installment of 15-year bonds.
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