Chicago, April 14 – ORIX Corp. priced €300 million of 1.919% four-year senior green bonds (Aa3/A-/A-) at par on Wednesday, according to a press release.
The notes priced with a spread of 75 basis points over mid-swaps, according to a market source and regulatory notice.
Pricing was tight to initial talk in the mid-swaps plus 90 bps area.
Order books for the Regulation S deal were in excess of €660 million at the time of launch.
Bookrunners are J.P. Morgan Securities plc, BofA Securities, Credit Agricole CIB, BNP Paribas and Citigroup.
Settlement is expected to occur on April 20. After that, the bonds (ISIN: XS2447987483), issued under ORIX’s euro medium-term note program, will be listed on the Singapore Exchange Securities Trading Ltd.
This is the company’s first green bond denominated in euros.
Proceeds will be used to finance, in whole or in part, certain eligible projects.
Specifically, the company said that it will use the funds to acquire Elawan Energy, which develops and operates businesses related to renewable energy.
ORIX is a financial services company based in Tokyo.
| Issuer: | ORIX Corp.
|
| Amount: | €300 million
|
| Issue: | Senior green bonds
|
| Maturity: | April 20, 2026
|
| Bookrunners: | J.P. Morgan Securities plc, BofA Securities, Credit Agricole CIB, BNP Paribas and Citigroup
|
| Green assessor: | Sustainalytics
|
| Coupon: | 1.919%
|
| Price: | Par
|
| Yield: | 1.919%
|
| Spread: | Mid-swaps plus 75 bps
|
| Pricing date: | April 13
|
| Settlement date: | April 20
|
| Expected ratings: | Moody’s: Aa3
|
| S&P: A-
|
| Fitch: A-
|
| Listing: | Singapore
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 90 bps area
|
| ISIN: | XS2447987483
|
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