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Aker BP prices $1.5B senior note offering

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According to Market Intelligence, December 2022

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Aker BP prices $1.5B senior note offering

Norwegian oil and gas company Aker BP ASA priced a $1.5 billion offering, composed of $500 million of 3% senior notes due 2025 and $1 billion of 3.75% senior notes due 2030.

The 2025 notes were priced at 99.696% of the principal amount, while the 2030 notes were priced equal to 99.802% of the principal amount. Interest on the notes will be payable semi-annually, according to a Jan. 8 release.

Aker BP plans to use the proceeds to partially repay outstanding amounts under its revolver; for general corporate purposes; and to pay the initial purchasers' discount, fees and expenses related to the offering.

The offering is expected to close on Jan. 15, subject to customary closing conditions.