Chicago, Nov. 17 EnBW Energie Baden-Wuerttemberg AG priced 1.5 billion of green bonds in two parts, due in 2030 and 2034, according to a market source and a company release.
The company priced a 650 million tranche due 2030 with a 3.85% coupon at 99.826, or at mid-swaps plus 85 basis points.
A second tranche priced for 850 million of 4.3% bonds with a 99.699 discount, or at mid-swaps plus 125 bps.
The order book was around double for the 10.5-year tranche, marked at 2.15 billion versus 1.05 billion for the first tranche.
ING was handling billing and delivery. HSBC and UniCredit were also global coordinators. Joint bookrunners included BBVA, DZ Bank, Helaba and Morgan Stanley.
The proceeds will be used exclusively to finance or refinance climate-friendly projects defined according to strict criteria in the green finance framework.
The projects include solar farms in Germany and France, onshore and offshore wind farms, fast-charging stations for electric vehicles and the expansion and upgrading of grid infrastructure.
The bonds will be listed in Luxembourg.
The bonds have subsidiary EnBW International Finance BV as issuer.
EnBW is an electric utilities company based in Karlsruhe, Germany.
| Issuer: | EnBW International Finance BV
|
| Guarantor: | EnBW Energie Baden-Wuerttemberg AG
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| Amount: | 1.5 bilion
|
| Issue: | Green bonds
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| Bookrunners: | ING (billing and delivery), HSBC, UniCredit (global coordinators), BBVA, DZ Bank, Helaba and Morgan Stanley (joint bookrunners)
|
| Counsel to issuer: | White & Case LLP
|
| Counsel to underwriters: | Clifford Chance Deutschland LLP
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 23
|
|
|
| 2030 bonds
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| Amount: | 650 million
|
| Maturity: | May 23, 2030
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| Coupon: | 3.85%
|
| Price: | 99.826
|
| Spread: | Mid-swaps plus 85 bps
|
| ISIN: | XS2722717472
|
|
|
| 2034 bonds
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| Amount: | 850 million
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| Maturity: | May 23, 2034
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| Coupon: | 4.3%
|
| Price: | 99.699
|
| ISIN: | XS272271755
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