Chicago, Oct. 5 – Valeo SE priced €600 million of 5 7/8% senior bonds due April 2029 (Baa3/BB+) in an inaugural green offering, according to a market source.
The bonds priced at 99.894 to yield 5.907%, or at mid-swaps plus 250 basis points.
Price talk was in the mid-swaps plus 280 bps area, or the equivalent of the 6¼% area.
The bonds will be callable with a Bunds plus 50 bps make-whole premium. There is a three-month par call option before the maturity date.
BNP Paribas (billing and delivery) and Credit Agricole were joint global coordinators for the Regulation S offering.
Citi, MUFG, Natixis and Societe Generale were active bookrunners.
The book had orders for over €1.4 billion.
Proceeds will be applied to eligible green or sustainable projects.
Valeo is a Paris-based automotive supplier.
| Issuer: | Valeo SE
|
| Amount: | €600 million
|
| Issue: | Senior green bonds
|
| Maturity: | April 12, 2029
|
| Bookrunners: | BNP Paribas (billing and delivery), Credit Agricole (global coordinators), Citi, MUFG, Natixis and Societe Generale
|
| ESG coordinator: | Credit Agricole CIB
|
| Coupon: | 5 7/8%
|
| Price: | 99.894
|
| Yield: | 5.907%
|
| Spread: | Mid-swaps plus 250 bps
|
| Call features: | Make-whole call at Bunds plus 50 bps; three-month par call
|
| Change of control: | Yes
|
| Trade date: | Oct. 5
|
| Settlement date: | Oct. 12
|
| Ratings: | Moody’s: Baa3
|
| S&P: BB+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 280 bps area, or 6¼% area
|
| Marketing: | Roadshow
|
| ISIN: | FR001400L9Q7
|
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