By Rebecca Melvin
Concord, N.H., May 11 – Red Electrica Financiaciones SAU priced €600 million 0.5% green notes due 2033 at 98.559 to yield 0.625%, or mid-swaps plus 38 basis points spread, according to a market source on Tuesday.
The notes are guaranteed by Red Electrica de Espana, SAU and Red Electrica Corp. SA.
They have a make-whole call and three-month par call. The make-whole premium is Bunds plus 15 bps.
Bankinter, BBVA, BNP Paribas, CaixaBank, ING, Mizuho, MUFG and Santander (billing and delivery) were joint bookrunners of the Regulation S notes.
Proceeds will be used for eligible green projects.
The partly state-owned company is Spain’s electricity grid operator.
| Issuer: | Red Electrica Financiaciones SAU
|
| Guarantors: | Red Electrica de Espana SAU and Red Electrica Corp. SA
|
| Issue: | Notes
|
| Amount: | €600 million
|
| Maturity: | May 24, 2033
|
| Bookrunners: | Bankia, BBVA, Barclays, BNP Paribas, CaixaBank, Citigroup, ING, Mizuho, MUFG and Santander (billing and delivery)
|
| Coupon: | 0.5%
|
| Price: | 98.559
|
| Yield: | 0.625%
|
| Spread: | Mid-swaps plus 38 bps
|
| Calls options: | Make-whole call at Bunds plus 15 bps and three-month par call
|
| Distribution: | Regulation S
|
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