Chicago, Oct. 26 – SUEZ SA priced €1.7 billion of green bonds in two parts (Baa2) on Wednesday, according to a Europe-based market source.
The company priced €800 million of 4.625% bonds due 2028 at 99.79 to yield 4.666%, or at mid-swaps plus 175 basis points. Initial price talk was in the 200 bps area. Guidance brought them into the 180 bps area.
The second tranche priced as €900 million of 5% bonds due 2032 at 99.423 to yield 5.075%, or at mid-swaps plus 210 bps. Price talk was in the 240 bps area, then revised to the 215 bps area.
The notes are callable with a make-whole premium of OATs plus 35 bps for the 2028 bonds and OATs plus 40 bps for the 2032 bonds until three months before each maturity date, when the bonds are callable at par.
The final order book on the six-year tranche was above €1.4 billion and for the 10-year tranche above €2.1 billion.
Societe Generale handled billing and delivery for the six-year tranche. BNP Paribas worked on billing and delivery for the 10-year bonds.
The global coordinators were BNP Paribas, Credit Agricole CIB, Natixis, Santander and Societe Generale.
Active bookrunners included Bank of China, CaixaBank, Deutsche Bank, HSBC, Mediobanca, Mizuho, RBC CM and SMBC.
Passive bookrunners were listed as BBVA, ING, Intesa, LBP, MUFG, NatWest and UniCredit.
Proceeds will be used to refinance part of the issuer's financial debt, which initially financed eligible green projects in accordance with the issuer’s green bond framework.
SUEZ is a water treatment and waste management company based in Paris.
| Issuer: | SUEZ SA
|
| Amount: | €1.7 billion
|
| Issue: | Green bonds
|
| Bookrunners: | BNP Paribas, Credit Agricole CIB, Natixis, Santander, Societe Generale (global coordinators), Bank of China, CaixaBank, Deutsche Bank, HSBC, Mediobanca, Mizuho, RBC CM, SMBC (active bookrunners), BBVA, ING, Intesa, LBP, MUFG, NatWest and UniCredit (passive bookrunners)
|
| Co-manager: | Morgan Stanley
|
| Change of control: | Yes
|
| Trade date: | Oct. 26
|
| Settlement date: | Nov. 3
|
| Rating: | Moody’s: Baa2
|
| Distribution: | Regulation S
|
|
|
| 2028 bonds
|
| Amount: | €800 million
|
| Maturity: | Nov. 3, 2028
|
| Coupon: | 4.625%
|
| Price: | 99.79
|
| Yield: | 4.666%
|
| Spread: | Mid-swaps plus 175 bps
|
| Call features: | Make-whole call at OATs plus 35 bps until three months before maturity; thereafter at par
|
| Price talk: | Mid-swaps plus 200 bps area
|
| ISIN: | FR001400DQ84
|
|
|
| 2032 notes
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| Amount: | €900 million
|
| Maturity: | Nov. 3, 2032
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| Coupon: | 5%
|
| Price: | 99.423
|
| Yield: | 5.075%
|
| Spread: | Mid-swaps plus 210 bps
|
| Call features: | Make-whole call at OATs plus 40 bps until three months before maturity; thereafter at par
|
| Price talk: | Mid-swaps plus 240 bps area
|
| ISIN: | FR001400DQ92
|
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