Chicago, Sept. 12 – Praemia Healthcare priced €500 million of 5.5% five-year senior sustainability bonds (BBB) on Tuesday, a market source reported.
The notes priced at 99.885 to yield 5.527%, or at mid-swaps plus 225 basis points.
Initial price talk was mid-swaps plus 250 bps to 260 bps.
The notes are callable early with a Bunds plus 45 bps make-whole premium. There is also a three-month par call option.
BNP Paribas handled billing and delivery and was a global coordinator with Societe Generale.
BofA Securities, CIC, Credit Agricole CIB and La Banque Postale were active bookrunners.
Proceeds will be directed to a €350 million repayment of a €500 million bridge loan with the balance to be used for financing or refinancing eligible assets as set out in the issuer’s sustainability financing framework. The bridge loan was allocated to financing an eligible sustainability portfolio of green or social assets.
The notes will be listed in Paris.
Praemia is an investment company focused on health care real estate. The company was renamed following Primonial REIM’s acquisition of a significant stake in Icade Sante in July 2023.
| Issuer: | Praemia Healthcare
|
| Amount: | €500 million
|
| Issue: | Senior sustainability bonds
|
| Maturity: | Sept. 19, 2028
|
| Bookrunners: | BNP Paribas (billing and delivery), Societe Generale, BofA Securities, CIC, Credit Agricole CIB and La Banque Postale
|
| Coupon: | 5.5%
|
| Price: | 99.885
|
| Yield: | 5.527%
|
| Spread: | Mid-swaps plus 225 bps
|
| Call features: | Make-whole call at Bunds plus 45 bps; three-month par call
|
| Change of control: | Yes
|
| Trade date: | Sept. 12
|
| Settlement date: | Sept. 19
|
| Rating: | S&P: BBB
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 250 bps to 260 bps
|
| ISIN: | FR001400KL23
|
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