IPL prices us$500m notes in the US Private Placement market

Company News

by Anna Napoli

Incitec Pivot (ASX:IPL) has today announced the pricing of US$500 million Senior Unsecured Fixed Rate Notes ("Notes") in the US Private Placement market.

The notes with a funding date of 30 October 2019, were priced with US$250m maturing 30 October 2028 and US$250m maturing 30 October 2030, at 4.03 per cent and 4.13 per cent respectively.

This equates to a reoffer spread of 1.95 per cent and 2.05 per cent above the US Treasury benchmark.

The issuance of these Notes combined with the previous issuance of the A$450m Australian Medium Term Notes in March 2019 has allowed the company to complete the refinancing of the US$800m 144A Bond that matures in December 2019.

Incitec Pivot says the success of this Notes issuance, being more than four times oversubscribed, reflects the Company's long-standing investment grade credit profile and strong track record of financial discipline.

Shares in Incitec Pivot Limited (ASX:IPL) are trading 0.43 per cent higher at $3.50.