Hera talks euro-denominated seven-year green notes at mid-swaps plus 130 bps area

By Rebecca Melvin

Concord, N.H., May 18 – Hera SpA was talking an offering of euro-denominated seven-year sustainability-linked notes with a yield in the mid-swaps plus 130 basis points area on Wednesday, according to a market source.

The deal is expected to be €500 million in size.

The notes feature a make-whole call and a three-month par call, and they are putable upon a change of control.

BBVA, BNP Paribas, Credit Agricole CIB, IMI-Intesa Sanpaolo, Mediobanca, Santander and UniCredit are joint bookrunners of the Regulation S notes (expected ratings: Baa2/BBB+).

Proceeds of the deal, which is being priced under the company’s Oct. 7, 2021 euro medium-term note program, are earmarked to finance and refinance new and existing eligible assets that satisfy the 100% EU Taxonomy aligned Eligible Asset criteria defined in the Green Financing Framework as of May 2022. The framework together with Sustainalytics’ second-party opinion is available on the issuer’s website at https://eng.gruppohera.it/group_eng/investor-relations/debt-and-rating/green-financing-framework-e-opinion.

Hera is a gas, electric and water utility located in Italy.

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