Chicago, Aug. 5 – Segro plc as venture adviser priced a €750 million 3.75% senior green bond issue (Baa2//BBB+) for the Segro European Logistics Partnership (SELP) joint venture, according to a press release and additional information from a market source.
The issuer is SELP Finance Sarl.
The bond has a five-year tenor and priced at 245 basis points over mid-swaps. Initial price talk was in the 275 bps area.
Pricing was at 99.848 to yield 3.784%.
The order book at peak totaled about €2.5 billion.
There will be an optional make-whole call followed by a par call three months before the maturity date.
Bank of China, BNP Paribas, NatWest Markets and Santander were the bookrunners with BNP handling billing and delivery.
Proceeds from the Regulation S issue will initially be used to refinance existing non-green €500 million bonds expiring in 2023, which are subject to an ongoing tender offer.
Segro stated that in due course the proceeds will be allocated to financing and/or refinancing eligible green projects as outlined in its green finance framework, including the continued development program, as well as providing funding for general corporate purposes.
Segro is a London-based real estate investment trust.
Issuer: | SELP Finance Sarl
|
Guarantor: | Segro European Logistics Partnership Sarl
|
Amount: | €750 million
|
Issue: | Green notes
|
Maturity: | Aug. 10, 2027
|
Bookrunners: | Bank of China, BNP Paribas, NatWest Markets and Santander
|
Coupon: | 3.75%
|
Price: | 99.848
|
Yield: | 3.784%
|
Spread: | Mid-swaps plus 245 bps
|
Call features: | Make-whole call with three-month par call
|
Change of control: | Yes
|
Trade date: | Aug. 3
|
Settlement date: | Aug. 10
|
Ratings: | Moody’s: Baa2
|
| Fitch: BBB+
|
Distribution: | Regulation S
|
Price talk: | Mid-swaps plus 275 bps area
|
ISIN: | XS2511906310
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.