By William Gullotti and Cristal Cody
Buffalo, N.Y., April 12 – RWE Finance US, LLC priced $2 billion of green notes in two equal parts (Baa2) on Thursday, according to information provided by a market source.
According to Moody’s Investors Service, the dual-tranche offering will be guaranteed by 100% indirect shareholder, RWE AG.
RWE priced the 10-year tranche, which carries a 5.875% coupon, with a spread of 135 basis points over Treasuries, tight to initial talk in the Treasuries plus 165 bps area.
The 6.25% 30-year tranche priced at Treasuries plus 160 bps, also under initial talk in the Treasuries plus 190 bps area.
BofA, Citi, Goldman Sachs, HSBC and JPMorgan are the bookrunners for the Rule 144A and Regulation S deal.
RWE is an electric company based in Essen, Germany.
| Issuer: | RWE Finance US, LLC
|
| Guarantor: | RWE AG
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| Amount: | $2 billion
|
| Issue: | Green notes
|
| Bookrunners: | BofA, Citi, Goldman Sachs, HSBC and JPMorgan
|
| Trade date: | April 11
|
| Rating: | Moody’s: Baa2
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 10-year notes
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| Amount: | $1 billion
|
| Maturity: | April 16, 2034
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| Coupon: | 5.875%
|
| Spread: | Treasuries plus 135 bps
|
| Initial talk; | Treasuries plus 165 bps area
|
|
|
| 30-year notes
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| Amount: | $1 billion
|
| Maturity: | April 16, 2054
|
| Coupon: | 6.25%
|
| Spread: | Treasuries plus 160 bps
|
| Price talk: | Treasuries plus 190 bps area
|
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