SLB Schlumberger Ltd

   By Patrick McGee 
 
 

Norwegian oilfield-services company Schlumberger Ltd. (SLB) plans to sell at least $1.5 billion of bonds in the U.S. credit markets Tuesday.

The deal consists of five- and 10-year bonds sold by two subsidiaries. Schlumberger Norge AS is selling five-year paper, while Schlumberger Investment SA is selling five- and 10-year paper.

The parent will guarantee all the bonds, which carry provisional ratings of A1 from Moody's Investors Service and A-plus by Standard & Poor's.

The deal is being sold via Citigroup (C) and J.P. Morgan Chase & Co. (JPM) in the Rule 144A private-placement market. The deal is "benchmark"-sized, which typically means at least $500 million per tranche.

Write to Patrick McGee at patrick.mcgee@dowjones.com

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