By Rebecca Melvin
New York, Jan. 10 – Red Electrica Financiaciones SAU priced €700 million 0.375% green notes due 2028 at 98.963 to yield 0.5%, according to a market source on Friday.
The notes are guaranteed by Red Electrica de Espana, SAU and Red Electrica Corp. SA.
The group’s inaugural green bond was priced at a spread of 43 basis points over mid-swaps, which was tight to initial price talk for a spread in the area of 70 bps over mid-swaps.
The Regulation S notes priced via joint bookrunners Bankia, BBVA, BNP Paribas, CaixaBank, ING (green structuring), Kutxa Bank, Mizuho, MUFG and Santander (billing and delivery).
Proceeds will be used for eligible green projects.
The Madrid-based is Spain’s sole transmission agent and operator.
| Issuer: | Red Electrica Financiaciones SAU
|
| Guarantors: | Red Electrica de Espana SAU and Red Electrica Corp. SA
|
| Issue: | Notes
|
| Amount: | €700 million
|
| Maturity: | July 24, 2028
|
| Bookrunners: | Bankia, BBVA, BNP Paribas, CaixaBank, ING, Kutxa Bank, Mizuho, MUFG and Santander (billing and delivery)
|
| Coupon: | 0.375%
|
| Price: | 98.963
|
| Yield: | 0.5%
|
| Spread: | Mid-swaps plus 43 bps
|
| Calls: | Three-month par call with make-whole payment
|
| Price talk: | Mid-swaps plus 70 bps area
|
| Distribution: | Regulation S
|
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