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Renewable Energy talks $500 million seven-year green notes to yield 6%-6¼%; pricing Thursday
By Paul A. Harris
Portland, Ore., May 6 – Renewable Energy Group Inc. talked its $500 million offering of seven-year senior secured green bonds (B2/BB) to yield 6% to 6¼%, according to market sources.
Official talk comes inside of initial guidance in the mid-to-high 6% area.
Timing is accelerated. Books close at 1 p.m. ET on Thursday, and the Rule 144A and Regulation S deal is set to price thereafter. The deal had been scheduled to remain in the market until Friday.
Credit Suisse Securities (USA) LLC is the left bookrunner. BofA Securities Inc., Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the joint bookrunners.
The notes become callable after three years at par plus 50% of the coupon. They feature a three-year 35% equity clawback and a 101% poison put.
The Ames, Iowa-based energy producer plans to use the proceeds to finance or refinance, in part or in full, its eligible green project.
Renewable Energy Group produces advanced fuels focusing on providing cleaner, lower carbon transportation fuels.
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