Chicago, Jan. 9 – EDP Servicios Financieros Espana, SAU priced €750 million of 6.5-year green notes (Baa2/BBB/BBB) on Tuesday, according to a market source.
The notes will benefit from a keepwell agreement from EDP – Energias de Portugal, SA.
The notes priced with a 3.5% coupon at 99.473 to yield 3.595%, or at mid-swaps plus 100 basis points.
Initial price talk was in the mid-swaps plus 140 bps area, which quickly was guided to the 110 bps area, and then the deal was launched at mid-swaps plus 100 bps.
The bonds have make-whole call protection at Bunds plus 25 bps and then a three-month par call option.
The Regulation S notes listed MUFG and HSBC as global coordinators with MUFG handling billing and delivery.
ABN Amro, BNP Paribas, CaixaBank, Commerzbank, Deutsche Bank, Goldman Sachs Bank Europe SE, Banco Santander and Societe Generale were also joint bookrunners.
BNP Paribas is serving as the ESG structuring bank.
Proceeds will be used to finance or refinance a green asset portfolio.
The notes will be listed in Dublin.
EDP is a Portuguese electric utilities company based in Lisbon. The issuer is a Spain-based subsidiary.
| Issuer: | EDP Servicios Financieros Espana, SAU
|
| Keepwell provider: | EDP – Energias de Portugal SA
|
| Amount: | €750 million
|
| Issue: | Senior green notes
|
| Maturity: | July 16, 2030
|
| Bookrunners: | MUFG (billing and delivery), HSBC (global coordinators), ABN Amro, BNP Paribas, CaixaBank, Commerzbank, Deutsche Bank, Goldman Sachs Bank Europe SE, Banco Santander and Societe Generale
|
| ESG structuring bank: | BNP Paribas
|
| Coupon: | 3.5%
|
| Price: | 99.473
|
| Yield: | 3.595%
|
| Spread: | Mid-swaps plus 100 bps
|
| Call: | Make-whole call at Bunds plus 25 bps; three-month par call
|
| Change of control: | Yes
|
| Trade date: | Jan. 9
|
| Settlement date: | Jan. 16
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| Ratings: | Moody’s: Baa2
|
| S&P: BBB
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| Fitch: BBB
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 140 bps area; guided to 110 bps area; launched at 100 bps
|
| ISIN: | XS2747766090
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