By Rebecca Melvin and Cristal Cody
Concord, N.H., June 24 – Nemak SAB de CV has priced $500 million 3 5/8% sustainability-linked bonds due June 28, 2031, at par (Ba1/BB+/BBB-), according to a market source on Thursday.
Pricing was set below initial talk for a yield in the 4% area.
BofA Securities, Citigroup and JPMorgan were active bookrunners, with BBVA, BNP Paribas, HSBC and Sumitomo Mitsui Banking Corp. acting as passive bookrunners.
Proceeds, according to Moody’s Investors Services, will be used to refinance Nemak's $500 million of 4¾% bonds due 2025.
Nemak is a global automotive parts manufacturing company based in Garcia, Greater Monterrey, Mexico.
| Issuer: | Nemak SAB de CV
|
| Issue: | Sustainability-linked bonds
|
| Amount: | $500 million
|
| Maturity: | June 28, 2031
|
| Bookrunners: | BofA Securities, Citigroup, JPMorgan, BBVA, BNP Paribas, HSBC and Sumitomo Mitsui Banking Corp.
|
| Coupon: | 3 5/8%
|
| Price: | Par
|
| Yield: | 3 5/8%
|
| Trade date: | June 24
|
| Settlement date: | June 28
|
| Ratings: | Moody’s: Ba1
|
| S&P: BB+
|
| Fitch: BBB-
|
| Price talk: | 4% area
|
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