Loans obtained by BP (NYSE:BP), worth $4.75 billion, which will be used to back the liquidity of the company, will reportedly be funded next week after the oversubscribed closing, according to bankers.
Royal Bank of Scotland (NYSE:RBS) and Societe Generale arranged a $2.25 billion loan, which was originally $2 billion. That is backed by BP crude sales from its stake in the Azeri-Chirag-Deepwater Gunashli field in Azerbaijan.
The remaining loan for $2.5 billion was arranged by BNP Paribas and Standard Chartered, and will have as collateral crude oil sales from Angola assets.
For the first two years of the five-year amortizing loans, BP will pay margins of 250 basis points (bps) over LIBOR. After that they'll increase to 300 for the third year of the loan, and for the final two years rise to 335 basis points.
The loans will mature on June 30, 2015.
Showing posts with label BNP Paribas. Show all posts
Showing posts with label BNP Paribas. Show all posts
Friday, October 22, 2010
Wednesday, September 29, 2010
Citigroup (NYSE:C), Goldman (NYSE:GS), Barclays (NYSE:BCS) Part of Exelon's Note Sale
Exelon Generation Company enlisted the help of Citigroup (NYSE:C), Goldman Sachs (NYSE:GS), Barclays Capital (NYSE:BCS), among others, to be book-runners on their sale of $900 million in senior notes.
Included with the offering is $550 million in 4 percent notes due October 1, 2010, and $350 million in 5.75 percent notes due on October 1, 2041.
Exelon is raising the capital to pay for the takeover John Deere Renewables LLC and for general corporate purposes.
Other book-runners connected to the deal are Wells Fargo Securities, BNP Paribas Securities, RBS Securities, Mizuho Securities USA, The Williams Capital Group. Co-managing the deal is Lebenthal & Company.
The deal is expected to close September 30.
Included with the offering is $550 million in 4 percent notes due October 1, 2010, and $350 million in 5.75 percent notes due on October 1, 2041.
Exelon is raising the capital to pay for the takeover John Deere Renewables LLC and for general corporate purposes.
Other book-runners connected to the deal are Wells Fargo Securities, BNP Paribas Securities, RBS Securities, Mizuho Securities USA, The Williams Capital Group. Co-managing the deal is Lebenthal & Company.
The deal is expected to close September 30.
Demand for BP (NYSE:BP) Bonds Increases Sales
BP's (NYSE:BP) funding unit BP Capital Markets surpassed original expectation of issuing between $2 billion and $3 billion in bonds, with large demand driving the total up to $3.5 billion.
That wasn't the entire story for the five- and 10-year bonds, as they were oversubscribed to $12 billion in orders.
A spokesman for BP said, "In recent years, we have had four issues of this scale, and this continues to be an effective means of raising cash which has repeatedly been attractive to the markets. This particular bond issue is part of routine management of the group's finances and is not specifically related to the costs of the Gulf of Mexico oil spill."
BP Plc will guarantee the bonds, whose sale was led by Citigroup (NYSE:C), Barclays (NYSE:BCS) BNP Paribas, Royal Bank of Scotland (NYSE:RBS) and Mizuho Securities USA Inc.
That wasn't the entire story for the five- and 10-year bonds, as they were oversubscribed to $12 billion in orders.
A spokesman for BP said, "In recent years, we have had four issues of this scale, and this continues to be an effective means of raising cash which has repeatedly been attractive to the markets. This particular bond issue is part of routine management of the group's finances and is not specifically related to the costs of the Gulf of Mexico oil spill."
BP Plc will guarantee the bonds, whose sale was led by Citigroup (NYSE:C), Barclays (NYSE:BCS) BNP Paribas, Royal Bank of Scotland (NYSE:RBS) and Mizuho Securities USA Inc.
Monday, September 20, 2010
BHP (NYSE:BHP) Secures $45 Billion Loan Facility for Potash (NYSE:POT) Bid
BHP Billiton Ltd. (NYSE:BHP) has received the $45 billion in loans they were looking for to reinforce the bid they made for Potash Corp. (NYSE:POT).
In a statement emailed from the underwriters, the loan facility was said to include a "$25 billion 364-day multicurrency term loan with a one-year extension; a $10 billion three-year multicurrency term loan; a $5 billion three-year multicurrency revolving line of credit, and a $5 billion four-year multicurrency revolver."
BHP Billiton spokesman Ruban Yogarajah confirmed the facility is in place, saying along with supporting the Potash transaction, can also be used for general purposes. It replaces an existing revolving credit facility which matures in 2011.
Underwriters for the deal include JPMorgan Chase (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS), Barclays (NYSE:BCS), Banco Santander SA (NYSE:STD) and BNP Paribas.
In a statement emailed from the underwriters, the loan facility was said to include a "$25 billion 364-day multicurrency term loan with a one-year extension; a $10 billion three-year multicurrency term loan; a $5 billion three-year multicurrency revolving line of credit, and a $5 billion four-year multicurrency revolver."
BHP Billiton spokesman Ruban Yogarajah confirmed the facility is in place, saying along with supporting the Potash transaction, can also be used for general purposes. It replaces an existing revolving credit facility which matures in 2011.
Underwriters for the deal include JPMorgan Chase (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS), Barclays (NYSE:BCS), Banco Santander SA (NYSE:STD) and BNP Paribas.
Friday, September 10, 2010
BHP's (NYSE:BHP) Underwriters Attract Over $45 Billion for Potash (NYSE:POT) Bid
Loan underwriters for BHP Billiton Ltd. (NYSE:BHP) successfully wooed investors, as they exceeded the $45 billion the mining giant was looking for to raise in their bid for Potash Corp. (NYSE:POT).
Included in the underwriting group were Barclays Capital (NYSE:BCS), BNP Paribas SA, JPMorgan Chase & Co. (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS) and Banco Santander SA (NYSE:STD), who started marketing the deal on August 18, according to a source who didn't want to be identified.
According to the source, the loan will be signed within a ten day period.
BHP offered $130 a share in the bid for Potash, which the board rejected, calling it “grossly inadequate.”
China is looking for ways to block the sale to prevent BP from developing the type of pricing power some in the iron ore industry enjoy.
That's probably more fear than anything based in reality, as BHP has historically ramped up production and competed on volume and price rather than attempting to increase prices by controlling supply.
Included in the underwriting group were Barclays Capital (NYSE:BCS), BNP Paribas SA, JPMorgan Chase & Co. (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS) and Banco Santander SA (NYSE:STD), who started marketing the deal on August 18, according to a source who didn't want to be identified.
According to the source, the loan will be signed within a ten day period.
BHP offered $130 a share in the bid for Potash, which the board rejected, calling it “grossly inadequate.”
China is looking for ways to block the sale to prevent BP from developing the type of pricing power some in the iron ore industry enjoy.
That's probably more fear than anything based in reality, as BHP has historically ramped up production and competed on volume and price rather than attempting to increase prices by controlling supply.
Citigroup (NYSE:C), Barclays (NYSE:BCS) Bookrunners on Linn Energy (Nasdaq:LINE) Notes
Linn Energy LLC (Nasdaq:LINE) sold $1 billion of senior unsecured notes in a private placement, according to IFR. Citigroup (NYSE:C) and Barclays (NYSE:BCS) were bookrunning managers on the placement.
They were offered in the 144a private placement market.
Linn said in a press release: "LINN Energy intends to use the majority of the net proceeds from the notes offering to reduce debt under its revolving credit facility. Additionally, a portion of the proceeds from the sale of the notes will be used to unwind certain interest rate swaps. The offering is expected to close on September 13, 2010, subject to satisfaction of customary closing conditions."
Besides Barclays and Citigroup, other bookrunners included BNP Paribas, Credit Agricole, RBC, RBS, and Wells Fargo Securities.
BORROWER: LINN ENERGY LLC
AMT $1 BLN - COUPON 7.750 PCT - MATURITY 2/1/2021
TYPE SR NTS - ISS PRICE 98.264 - FIRST PAY 3/15/2011
MOODY'S B2 - YIELD 8.00 PCT - SETTLEMENT 9/13/2010
S&P SINGLE-B - SPREAD 535 BPS - PAY FREQ SEMI-ANNUAL
FITCH N/A - MORE THAN TREAS - NON-CALLABLE 5 YRS*
*MAKE-WHOLE CALL 50 BPS
They were offered in the 144a private placement market.
Linn said in a press release: "LINN Energy intends to use the majority of the net proceeds from the notes offering to reduce debt under its revolving credit facility. Additionally, a portion of the proceeds from the sale of the notes will be used to unwind certain interest rate swaps. The offering is expected to close on September 13, 2010, subject to satisfaction of customary closing conditions."
Besides Barclays and Citigroup, other bookrunners included BNP Paribas, Credit Agricole, RBC, RBS, and Wells Fargo Securities.
BORROWER: LINN ENERGY LLC
AMT $1 BLN - COUPON 7.750 PCT - MATURITY 2/1/2021
TYPE SR NTS - ISS PRICE 98.264 - FIRST PAY 3/15/2011
MOODY'S B2 - YIELD 8.00 PCT - SETTLEMENT 9/13/2010
S&P SINGLE-B - SPREAD 535 BPS - PAY FREQ SEMI-ANNUAL
FITCH N/A - MORE THAN TREAS - NON-CALLABLE 5 YRS*
*MAKE-WHOLE CALL 50 BPS
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