Chicago, Feb. 20 – Enel SpA priced €900 million of perpetual subordinated hybrid bonds (Baa3/BB+/BBB-) on Tuesday, according to a market source.
The initial coupon is 4¾%. The bonds priced at 99.454 to yield 4 7/8%. Initial talk was in the 5½% area.
The rate resets for the first time on May 27, 2029 then on five-year anniversaries going forward. The initial margin is 212.9 basis points. There is a 25 bps step-up on May 27, 2034 and then a second 75 bps step-up on May 27, 2049.
The bonds can be redeemed with a make-whole premium until the first call date of Feb. 27, 2029 through the reset date. Then, the notes will be callable at par on any annual interest payment date.
The spread priced as 254.7 bps over Bunds.
BNP Paribas (billing and delivery), BBVA, BofA, Caixabank, Citi, Commerzbank, Goldman Sachs International, HSBC, IMI-Intesa Sanpaolo, ING, JPMorgan SE, NatWest Markets, Santander and UniCredit were the joint bookrunners.
Proceeds will be used for general corporate purposes.
The listing will be in Dublin.
Enel is a Rome-based electric utility company.
| Issuer: | Enel SpA
|
| Amount: | €900 million
|
| Issue: | Subordinated hybrid bonds
|
| Maturity: | Perpetual
|
| Bookrunners: | BNP Paribas (billing and delivery), BBVA, BofA, Caixabank, Citi, Commerzbank, Goldman Sachs International, HSBC, IMI-Intesa Sanpaolo, ING, JPMorgan SE, NatWest Markets, Santander and UniCredit
|
| Coupon: | 4¾% initial rate, resets to five-year mid-swaps plus relevant margin on May 27, 2029 and then every five years; initial margin is 212.9 bps; 25 bps step-up on May 27, 2034; 75 bps step-up on May 27, 2049
|
| Price: | 99.454
|
| Yield: | 4 7/8%
|
| Spread: | Bunds plus 254.7 bps
|
| Call features: | Make-whole call until first par call date on Feb. 27, 2029 through May 27, 2029; then on every annual interest payment date thereafter
|
| Trade date: | Feb. 20
|
| Settlement date: | Feb. 27
|
| Ratings: | Moody’s: Baa3
|
| S&P: BB+
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | 5½% areas
|
| ISIN: | XS2770512064
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
