October 2, 2018 / 7:59 PM / a month ago

UPDATE 1-Saudi's SABIC issues $2 billion dual-tranche bond

(Updates with final size and terms)

DUBAI, Oct 2 (Reuters) - Saudi Basic Industries Corp (SABIC) has raised $2 billion through a dual-tranche U.S. dollar bond issue, a bank document seen by Reuters on Tuesday showed.

The amount is equally split between two tranches of five- and 10-year notes.

SABIC, rated A1 by Moody’s and A-(minus) by S&P, has issued the 144A/Regulation S bonds through SABIC Capital II B.V, a special purpose vehicle.

The five-year notes offer a 4 percent coupon, while the 10-year notes offer 4.5 percent.

The deal received orders in excess of $9 billion.

Proceeds from the debt sale will be used to repay outstanding debts to third parties.

BNP Paribas, Citi, HSBC, MUFG and Standard Chartered Bank have arranged the deal. (Reporting by Davide Barbuscia Editing by Edmund Blair)

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