irpc-prices-debut-dollar-bond-at-tight-end

IRPC prices debut dollar bond at tight end

The Thai oil and petrochemical company holds 20 one-on-one investor meetings in Asia. As many as 18 of these investors place orders.

Rosie Slater

May 23, 2007

IRPC Public Company, the second largest oil refiner and third largest petrochemical producer in Thailand, last night priced a debut $250 million 10-year Reg-S bond at 113bp over mid-swaps, or 167.8bp over 10-year Treasuries, closing with a coupon of 6.375%. The deal was announced with an initial guidance of 115bp-120bp over mid-swaps, revised to 113bp-115bp.

The BBB-Baa3-rated transaction attracted $1.6 billion in demand, under the lead management of Barclays and Citi. The roadshow encompassed Singapore, Hong Kong and London. In Asia, the issuer conducted an ôunprecedentedö 20 one-on-one meetings over two days, eventually taking orders from 18 of those investors.

Bookrunners allocated 63% of the bonds to Asia, 32% to Europe, and 5%...

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