Chicago, Sept. 20 – Engie SA priced an upsized €650 million of 3.5% seven-year green notes (Baa1/BBB+/A-) on Tuesday, according to market sources.
The senior notes priced at 99.021 to yield 3.661%, or 100 basis points to mid-swaps.
Initial price talk had the deal coming in the 135 bps area to mid-swaps, with a revision of guidance to 105 bps to 110 bps when demand went above €2.75 billion.
Books were above €2.15 billion at the final spread. During pricing, the size of the issue was upsized from €500 million.
The notes can be called with a Bunds plus 30 bps make-whole premium until three months before the maturity date when they can be called at par.
BNP Paribas (billing and delivery), Credit Agricole CIB and Societe Generale are the global coordinators for the Regulation S offering.
The active bookrunners are BBVA, ING, Mizuho, Santander and UniCredit. The passive bookrunners are KBC, Morgan Stanley, MUFG, NatWest and Standard Chartered.
Proceeds will be used for eligible green projects.
The natural gas and electricity supplier is based in Courbevoie, France.
| Issuer: | Engie SA
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| Amount: | €650 million
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| Issue: | Senior green notes
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| Maturity: | Sept. 27, 2029
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| Bookrunners: | BNP Paribas (billing and delivery), Credit Agricole CIB, Societe Generale (global coordinators), BBVA, ING, Mizuho, Santander, UniCredit (active), KBC, Morgan Stanley, MUFG, NatWest and Standard Chartered (passive)
|
| Coupon: | 3.5%
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| Price: | 99.021
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| Yield: | 3.661%
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| Spread: | Mid-swaps plus 100 bps, or Bunds plus 184.5 bps
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| Call features: | Make-whole call at Bunds plus 30 bps; par call for final three months
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| Trade date: | Sept. 20
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| Settlement date: | Sept. 27
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: A-
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 135 bps area; guided to mid-swaps plus 105 bps to 110 bps
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| ISIN: | FR001400A1H6
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