Australian mining company prices $5.25 billion in notes

Australian mining company BHP Billington has issued $5.25 billion in notes through its financing subsidiary BHP Billington Finance. The five tranche deal is the largest corporate issue since SAB Miller's $7 billion deal on 10 January this year.

The mining credit priced at par a floating rate $1 billion two year tranche which pays 27 basis points over Libor. Three $1 billion tranches of three years, 10 years and 20 years pay coupons of 1%, 2.875% and 4.125% respectively, and these priced at 99.791%, 99.064% and 99.258% respectively. Meanwhile a $1.25 billion five year tranche priced at 98.258 with a coupon of 1.625%.

JP Morgan and Barclays Capital are acting as joint arrangers.