By Christine Van Dusen
Atlanta, March 14 - Poland's Energa sold €500 million 3¼% seven-year notes (Baa1//BBB) at 99.704 to yield 3.298%, or mid-swaps plus 200 basis points, a market source said.
The notes were talked at a spread in the 220 bps area.
BofA Merrill Lynch, BNP Paribas and HSBC were the bookrunners for the Regulation S deal.
The notes include a change-of-control put at 100 if the government ceases to own 50% and the issuer is downgraded to sub-investment grade.
Energa is an energy company based in Gdansk, Poland.
| Issuer: | Energa
|
| Amount: | €500 million
|
| Maturity: | March 19, 2020
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, BNP Paribas, HSBC
|
| Coupon: | 3¼%
|
| Price: | 99.704
|
| Yield: | 3.298%
|
| Spread: | Mid-swaps plus 200 bps
|
| Change-of-control put: | At 100 if government ceases to own 50% and issuer is downgraded to sub-investment grade
|
| Trade date: | March 14
|
| Settlement date: | March 19
|
| Ratings: | Moody's: Baa1
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 220 bps area
|
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