Svensk prices $1.25 billion notes, NextEra sells $800 million floaters; PNM issues notes

By Devika Patel

Knoxville, Tenn., March 7 – Four primary deals priced on Wednesday, including Stockholm-based financial services company Swedish Export Credit Corp. selling $1.25 billion of 2.875% global notes due March 14, 2023.

Juno Beach, Fla., energy company NextEra Energy Capital Holdings Inc priced $800 million of floating-rate debentures due Sept. 3, 2019.

Helsinki, Finland-based credit institution Kommunalbanken AS sold $500 million more of its senior floating-rate notes due March 12, 2021, lifting the size of the issue to $1.2 billion.

Albuquerque-based energy holding company PNM Resources, Inc. sold $300 million of 3.25% senior notes due March 9, 2021.

Svensk sells $1.25 billion

Swedish Export Credit (Aa1/AA+) priced $1.25 billion of 2.875% global notes due March 14, 2023 at a spread of mid-swaps plus 18 basis points.

The non-callable notes priced at 99.695 to yield 2.941%.

Barclays, BNP Paribas Securities Corp., BofA Merrill Lynch and HSBC Securities (USA) Inc. were the lead managers.

NextEra prices $800 million

NextEra priced $800 million of floating-rate debentures (Baa1/BBB+/A-) due Sept. 3, 2019 at 99.903. Interest accrues at a rate equal to Libor plus 31.5 bps per annum.

Morgan Stanley & Co. LLC was the bookrunner.

The debentures are guaranteed by NextEra Energy Capital Holdings’ parent company, NextEra Energy, Inc.

Proceeds will be used for investments in energy and power projects and other general corporate purposes.

Kommunalbanken taps floaters

Kommunalbanken AS (Aaa/AAA) priced $500 million more of its senior floating-rate notes due March 12, 2021 with a coupon of Libor plus 4 bps, lifting the size of the issue to $1.2 billion.

The company originally sold $700 million of the floaters on Jan. 30 with a coupon of Libor plus 4 bps. The total outstanding is now $1.2 billion.

BofA Merrill Lynch, BMO Capital Markets Corp. and BNP Paribas Securities were the bookrunners.

PNM sells $300 million

PNM priced $300 million of 3.25% senior notes (Baa3/BBB) due March 9, 2021 at Treasuries plus 87.5 bps.

Pricing was at 99.884 to yield 3.291%. There is a make-whole call at Treasuries plus 15 bps.

Wells Fargo Securities LLC and MUFG were the bookrunners.

Proceeds will be used to repay the company’s loan due June 8, 2018 and borrowings under its revolving credit facility due Oct. 31, 2022 and for general corporate purposes.

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