New Issue: EDP Finance prices €750 million 4 7/8% seven-year notes to yield 5%

By Paul A. Harris

Portland, Ore., Sept. 5 - Portuguese energy company EDP Finance BV priced a €750 million issue of 4 7/8% seven-year senior notes (Ba1/BB+/BBB-) at 99.276 to yield 5% on Thursday, according to a market source.

The yield printed at the tight end of the 5% to 5 1/8% revised yield talk. Earlier talk was 5 1/8% to 5¼%.

Banco Espirito Santo, BPI Group, Citigroup, ING, MBCP, Royal Bank of Scotland, Santander and SG CIB managed the sale. Royal Bank of Scotland will bill and deliver.

The issuer is a subsidiary of Lisbon-based electricity and gas company Energias de Portugal, SA.

Issuer:	EDP Finance BV
Amount:	€750 million
Maturity:	Sept. 14, 2020
Securities:	Senior notes
Bookrunners:	Banco Espirito Santo, BPI Group, Citigroup, ING, MBCP, Royal Bank of Scotland, Santander, SG CIB
Bill and deliver:	Royal Bank of Scotland
Coupon:	4 7/8%
Price:	99.276
Yield:	5%
Spread:	355.8 bps
Call protection:	Non-callable
Trade date:	Sept. 5
Settlement date:	Sept. 12
Ratings:	Moody's: Ba1
	Standard & Poor's: BB+
	Fitch: BBB-
Price talk:	5% to 5 1/8%, revised from 5 1/8% to 5¼%

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