Dubai: Mubadala GE Capital aims to price a benchmark-sized 144A senior unsecured dollar bond with a five-year lifespan on Wednesday after issuing initial price thoughts for the offering, two sources with direct knowledge of the deal said.
The company, a commercial financing joint venture between Abu Dhabi sovereign fund Mubadala and General Electric, is currently earmarking to sell the bond at between 150 and 162.5 basis points over U.S. Treasuries, the sources said on condition of anonymity as they weren’t authorised to speak to media.
Benchmark size is traditionally understood to mean upwards of $500 million. Under a 144A structure, the transaction is open to investors in the United States.
Barclays and Citigroup are the joint global coordinators for the bond sale. They are joined by First Gulf Bank, HSBC and Natixis as bookrunners for the issue.
The deal comes after the firm completed a series of meetings with fixed income investors on October 31.
