New Issue: Portugal's EDP prices €650 million 2 5/8% five-year notes mid-swaps plus 183 bps

By Paul A. Harris

Portland, Ore., April 8 - Energias de Portugal, SA (EDP) launched and priced a €650 million issue of five-year senior notes (Ba1/BB+/BBB-) at a 183 basis points spread to mid-swaps on Tuesday, according a market source.

The spread came at the tight end of the final 185 bps spread talk. The deal was initially guided at 190 bps.

BNP Paribas, CaixaBank, CaixaBI, Citigroup, Deutsche Bank, HSBC, ING and Millennium BCP are the joint bookrunners.

HSBC will bill and deliver.

The issuer is a Lisbon-based electricity producer.

Issuer:	Energias de Portugal, SA (EDP)
Amount:	€650 million
Maturity:	April 15, 2019
Securities:	Senior notes
Bill and deliver:	HSBC
Joint bookrunners:	BNP Paribas, CaixaBank, CaixaBI, Citigroup, Deutsche Bank, HSBC, ING, Millennium BCP
Coupon:	2 5/8%
Price:	99.272
Yield:	2.783%
Spread:	183 bps over mid-swaps
Price talk:	Mid-swaps plus 185 bps, revised from 190 bps
Trade date:	April 8
Settlement date:	April 15
Ratings:	Moody's: Ba1
	Standard & Poor's: BB+
	Fitch: BBB-
Marketing:	Quick to market

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