Chicago, Jan. 4 Engie SA priced 2.75 billion of green bonds in a three-part Regulation S offer (Baa1/BBB+/A-) on Wednesday, according to a market source.
The company sold 1 billion of notes with a seven-year tenor, 1 billion of notes with a 12-year tenor and a 750 million tranche due in 20 years.
The seven-year notes priced with a 3.625% coupon at 99.49 to yield 3.709%, or at mid-swaps plus 85 basis points. Price talk started in the mid-swaps plus 120 bps area.
The 12-year notes priced with a 4% coupon at 99.011 to yield 4.106%, or at mid-swaps plus 122 bps. Talk was in the mid-swaps plus 155 bps area.
The 20-year notes come with a 4.25% coupon, priced at 98.552 to yield 4.36%. The spread priced at 170 bps to mid-swaps after talk in the 210 bps area.
All of the tranches have make-whole call options followed by three-month par calls. The premiums are Bunds plus 25 bps, Bunds plus 30 bps and Bunds plus 35 bps, with the lowest premium for the shortest-dated note and the highest premium for the longest-dated note.
Final books for the seven-year notes were at 1.8 billion, 1.75 billion for the middle tranche and 2.75 billion for the longest tranche.
Barclays (billing and delivery on seven-year notes), BNP Paribas (billing and delivery on 12-year notes) and BofA Securities (billing and delivery on 20-year notes) are listed as bookrunners and global coordinators. UniCredit also joins as a global coordinator.
Active bookrunners also include BBVA, Deutsche Bank, HSBC, ING, MUFG and NatWest Markets.
Proceeds will be allocated to eligible green projects.
The natural gas and electricity supplier is based in Courbevoie, France.
| Issuer: | Engie SA
|
| Amount: | 2.75 billion
|
| Issue: | Senior green notes
|
| Bookrunners: | Barclays (billing and delivery on seven-year notes), BNP Paribas (billing and delivery on 12-year notes), BofA Securities (billing and delivery on 20-year notes), UniCredit, BBVA, Deutsche Bank, HSBC, ING, MUFG and NatWest Markets
|
| Trade date: | Jan. 4
|
| Settlement date: | Jan. 11
|
| Ratings: | Moodys: Baa1
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | Regulation S
|
|
|
| Seven-year notes
|
| Amount: | 1 billion
|
| Maturity: | Jan. 11, 2030
|
| Coupon: | 3.625%
|
| Price: | 99.49
|
| Yield: | 3.709%
|
| Spread: | Mid-swaps plus 85 bps, or Bunds plus 147.5 bps
|
| Call features: | Make-whole call at Bunds plus 25 bps, then three-month par call
|
| Price talk: | Mid-swaps plus 120 bps area
|
| ISIN: | FR001400F1G3
|
|
|
| 12-year notes
|
| Amount: | 1 billion
|
| Maturity: | Jan. 11, 2035
|
| Coupon: | 4%
|
| Price: | 99.011
|
| Yield: | 4.106%
|
| Spread: | Mid-swaps plus 122 bps, or Bunds plus 182.1 bps
|
| Call features: | Make-whole call at Bunds plus 30 bps, then three-month par call
|
| Price talk: | Mid-swaps plus 155 bps area
|
| ISIN: | FR001400F1I9
|
|
|
| 20-year notes
|
| Amount: | 750 million
|
| Maturity: | Jan. 11, 2043
|
| Coupon: | 4.25%
|
| Price: | 98.552
|
| Yield: | 4.36%
|
| Spread: | Mid-swaps plus 170 bps, or Bunds plus 206.4 bps
|
| Call features: | Make-whole call at Bunds plus 35 bps, then three-month par call
|
| Price talk: | Mid-swaps plus 210 bps area
|
| ISIN: | FR001400F1M1
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
