New Issue: Portugal's EDP prices €600 million 4 1/8% notes at 99.253 to yield 4¼%

By Paul A. Harris

Portland, Ore., Nov. 14 - Portugal's Energias de Portugal, SA priced a €600 million issue of 4 1/8% senior notes due Jan. 20, 2021 (Ba1/BB+/BBB-) at 99.253 to yield 4¼% on Wednesday, according to an informed source.

The yield printed at the tight end of the 4¼% to 4 3/8% yield talk, which had been revised tighter from earlier talk in the 4½% area.

The quick-to-market deal was viewed as a crossover play, and was priced on the investment-grade desk, the source said.

BBVA will bill and deliver. BESI Securities, BNP Paribas, BPI, Deutsche Bank, HSBC, JPMorgan, Millennium BCP and Mitsubishi UFJ Securities were joint bookrunners.

The Lisbon-based integrated energy company plans to use the proceeds for general corporate purposes.

Issuer:	EDP Finance BV (Energias de Portugal, SA)
Amount:	€600 million
Maturity:	January 20, 2021
Securities:	Senior notes
Bookrunners:	BBVA (bill and deliver), BESI Secrities, BNP Paribas, BPI, Deutsche Bank, HSBC, JPMorgan, Millennium BCP, and Mitsubishi UFJ Securities
Coupon:	4 1/8%
Price:	99.253
Yield:	4¼%
Spread:	310.6 bps
Call protection:	Non-callable
Trade date:	Nov. 13
Settlement date:	Nov. 20
Ratings:	Moody's: Ba1
	Standard & Poor's: BB+
	Fitch: BBB-
Format:	Euro medium-term note program
Price talk:	4¼% to 4 3/8%, revised from 4½% area
Marketing:	Quick to market

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