By Rebecca Melvin
Concord, N.H., April 5 – Enel Finance International NV priced £750 million 2.875% seven-year sustainability-linked bonds (Baa1/BBB+/BBB+) on Monday at 99.947 for a spread over mid-Gilts of 140 basis points, according to information provided by a market source.
The notes have a make-whole-call at Gilts plus 25 bps and then a three-month par call as well as a clean-up call if 80% of the notes have been redeemed.
The rate will step up by 25 bps if certain goals tied to GHG emissions are unmet by Dec. 31, 2024.
Bookrunners are BNP Paribas, Credit Agricole CIB, Goldman Sachs BE (billing and delivery), HSBC, Santander, Societe Generale, SMBC Nikko and Unicredit
Proceeds will be used for general corporate purposes.
Listing for the Regulation S notes will be on Euronext Dublin.
The notes are guaranteed by ENEL – Societa per Azioni.
The multinational company is an integrated operator in the global power, gas and renewables markets.
| Issuer: | Enel Finance International NV
|
| Guarantor: | ENEL – Societa per Azioni
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| Amount: | £750 million
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| Issue: | Sustainability-linked bonds
|
| Maturity: | April 11, 2029
|
| Bookrunners: | BNP Paribas, Credit Agricole CIB, Goldman Sachs BE (billing and delivery), HSBC, Santander, Societe Generale, SMBC Nikko and Unicredit
|
| Green assessor: | Vigeo Eiris
|
| Coupon: | 2.875%
|
| Price: | 99.947
|
| Spread: | Mid-Gilts plus 140 bps
|
| Call features: | Make-whole call at Gilts plus 25 bps until three months before maturity, then par call
|
| Trade date: | April 4
|
| Settlement date: | April 11
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| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
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| Fitch: BBB+
|
| Distribution: | Regulation S
|
| Talk: | Guided to mid-Gilts plus 145 bps area from mid-Gilts plus 160 bps area
|
| ISIN: | XS2466363202
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