Petronas launches $650m bond

Sat, 07 Aug 1999 | Source: AFP

KUALA LUMPUR (AFP): Malaysian national oil company Petroliam Nasional Bhd. (Petronas) launched a US$650 million five-year bond issue in New York Thursday, the official Bernama news agency reported.

The report said the issue carried a coupon on 8.875 percent and was priced at 99.772 to yield 8.934 percent, or 3.20 percentage points above the corresponding yield on US Treasury bonds with similar maturities.

Lead managers were Barclays Capital and Chase Manhattan, with Credit Suisse First Boston acting as bookrunner, the report said, adding 33 percent of the issue was taken up by investors in the United States, 25 percent going to Japan, 25 percent to the rest of Asia and 17 percent to Europe.

Proceeds will be used to finance capital expenditure for petrochemical projects and other development and production activities, it said.

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