Chicago, Feb. 14 – GACI First Investment Co. provided details of its $5.5 billion green senior note sale (A1//A), according to pricing supplements.
The three-part transaction included $1.75 billion of 4¾% green notes due 2030.
The notes priced at 98.945 to yield 4.93%.
Initial price talk was in the Treasuries plus 145 bps area.
The second tranche priced as $2 billion of 4 7/8% green notes due 2035. Pricing came at 97.745 to yield 5.129%.
The notes were talked in the Treasuries plus 175 bps area.
The third tranche priced as $1.75 billion of 5 1/8% green notes due 2053. The notes priced at 93.286 to yield 5.589%. Price talk was in the Treasuries plus 215 bps area.
All of the notes will have par calls: one month before maturity for the notes due 2030, three months for the notes due 2035 and six months for the notes due 2053.
Goldman Sachs International (billing and delivery), J.P. Morgan and Standard Chartered Bank are the global coordinators.
BofA Securities, BNP Paribas, Citi, First Abu Dhabi Bank PJSC, HSBC Bank plc and Morgan Stanley & Co. are active bookrunners.
Joining as joint passive bookrunners are Credit Agricole CIB, GIB Capital, ICBC International Securities Limited, Mizuho, SMBC Nikko and Societe Generale.
The Regulation S notes will be used for eligible green projects and general corporate purposes.
GACI First Investment Co. is an offshore special purpose vehicle fully owned by Saudi Arabia's Sovereign Wealth Fund, PIF, which guarantees the SPV's payment obligations.
| Issuer: | GACI First Investment Co.
|
| Guarantor: | Public Investment Fund
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| Amount: | $5.5 billion
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| Issue: | Green senior notes
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| Bookrunners: | Goldman Sachs International (billing and delivery), J.P. Morgan, Standard Chartered Bank (global coordinators), BofA Securities, BNP Paribas, Citi, First Abu Dhabi Bank PJSC, HSBC Bank plc, Morgan Stanley & Co. (active), Credit Agricole CIB, GIB Capital, ICBC International Securities Limited, Mizuho, SMBC Nikko and Societe Generale
|
| Green advisers: | Credit Agricole CIB and Standard Chartered Bank
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| Trade date: | Feb. 10
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| Settlement date: | Feb. 14
|
| Ratings: | Moody’s: A1
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| Fitch: A
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| Distribution: | Regulation S
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|
|
| 2030 notes
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| Amount: | $1.75 billion
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| Maturity: | Feb. 14, 2030
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| Coupon: | 4¾%
|
| Price: | 98.945
|
| Yield: | 4.93%
|
| Call features: | At par starting Jan. 14, 2030
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| Price talk: | Treasuries plus 145 bps area
|
| ISIN: | XS2585987683
|
|
|
| 2035 notes
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| Amount: | $2 billion
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| Maturity: | Feb. 14, 2035
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| Coupon: | 4 7/8%
|
| Price: | 97.745
|
| Yield: | 5.129%
|
| Call features: | Par call starts Nov. 14, 2034
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| Price talk: | Treasuries plus 175 bps area
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| ISIN: | XS2585988061
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|
|
| 2053 notes
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| Amount: | $1.75 billion
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| Maturity: | Feb. 14, 2053
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| Coupon: | 5 1/8%
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| Price: | 93.286
|
| Yield: | 5.589%
|
| Call features: | At par starting Aug. 14, 2052
|
| Price talk: | Treasuries plus 215 bps area
|
| ISIN: | XS2585988145
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