Chicago, Oct. 5 – Carrefour SA sold €500 million of 4.125% sustainability-linked senior bonds with a six-year tenor (BBB) on Wednesday, a market source reported.
The bonds priced with a 98.973 discount to yield 4.323%. The spread came at 145 basis points to mid-swaps, or alternatively 246.4 bps to Bunds. Price talk was in the 185 bps area to mid-swaps.
The coupon will potentially step up 25 bps for each performance target not met, with a potential total increase of 50 bps. The targets are linked to packaging and food waste and will be measured in 2027.
If the bonds are redeemed early there will be a make-whole premium at Bunds plus 40 bps and then a three-month par call.
Final books went above €3.2 billion.
BNP Paribas, IMI-Intesa Sanpaolo, Natixis (billing and delivery) and Santander were global coordinators.
Passive bookrunners were CIC and ING.
Proceeds are being used to refinance existing debt.
Carrefour is a Paris-based international operator of hypermarkets, supermarkets, convenience stores, e-commerce sites and service stations and is also involved in banking, insurance, property development and franchise activities.
| Issuer: | Carrefour SA
|
| Amount: | €500 million
|
| Issue: | Sustainability-linked senior bonds
|
| Maturity: | Oct. 12, 2028
|
| Bookrunners: | BNP Paribas, IMI-Intesa Sanpaolo, Natixis (billing and delivery), Santander, CIC and ING
|
| Sustainability opinion: | Moody’s ESG Solutions
|
| Coupon: | 4.125%
|
| Price: | 98.973
|
| Yield: | 4.323%
|
| Spread: | Mid-swaps plus 145 bps, or Bunds plus 246.4 bps
|
| Call features: | Make-whole call at Bunds plus 40 bps; three-month par call
|
| Change of control: | At par
|
| Trade date: | Oct. 5
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| Settlement date: | Oct. 12
|
| Ratings: | S&P: BBB
|
| Price talk: | Mid-swaps plus 185 bps area
|
| ISIN: | FR001400D0F9
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