Chicago, Feb. 20 – REN Finance BV priced €300 million of 3.5% eight-year green bonds (Baa2/BBB/BBB) on Tuesday, according to a source.
The fixed-rate bonds come with the benefit of a keepwell deed from parent REN - Redes Energeticas Nacionais, SGPS SA.
The bonds priced at 99.22 to yield 3.614%, or at mid-swaps plus 90 basis points. Initial talk was in the mid-swaps plus 130 bps area.
An early redemption can occur with a make-whole premium at Bunds plus 20 bps until the three-month par call period.
Santander (billing and delivery), Barclays, CaixaBI, ING, JPMorgan, Mediobanca and Millennium bcp were joint bookrunners for the Regulation S offering.
Proceeds will be used for eligible green assets.
The company ensures the transport of electricity and gas in Portugal.
| Issuer: | REN Finance BV
|
| Keepwell deed: | REN - Redes Energeticas Nacionais, SGPS SA
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| Amount: | €300 million
|
| Issue: | Green bonds
|
| Maturity: | Feb. 27, 2032
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| Bookrunners: | Santander (billing and delivery), Barclays, CaixaBI, ING, JPMorgan, Mediobanca and Millennium bcp
|
| Green agent: | JPMorgan
|
| Coupon: | 3.5%
|
| Price: | 99.22
|
| Yield: | 3.614%
|
| Spread: | Mid-swaps plus 90 bps
|
| Call features: | Make-whole call at Bunds plus 20 bps; three-month par call
|
| Trade date: | Feb. 20
|
| Settlement date: | Feb. 27
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| Ratings: | Moody’s: Baa2
|
| S&P: BBB
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| Fitch: BBB
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| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 130 bps area
|
| Marketing: | Investor calls
|
| ISIN: | XS2771494940
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