Chicago, Nov. 29 – Engie SA priced €900 million of green notes with a 10-year tenor (Baa1/BBB+/A-) as part of a dual-tranche €1.5 billion transaction that included €600 million of conventional notes, according to a market source.
The green notes priced with a 3.875% coupon at 99.204 to yield 3.973%. The spread priced as 105 basis points above mid-swaps, or at Bunds plus 154.5 bps. Initial price talk was mid-swaps plus 135 bps to 140 bps.
The notes are callable with a Bunds plus 25 bps make-whole premium, and then there is a three-month par call option.
BNP Paribas and Credit Agricole CIB were the global coordinators. Active bookrunners include La Banque Postale, Mizuho, Santander and SMBC. The passive bookrunners are Belfius, BofA Securities, CaixaBank, ING and Societe Generale.
Investor interest was higher on the green tranche, with the order book marked at €2.7 billion for the green notes and €4.7 billion over both series.
Proceeds will be used for eligible green projects.
The natural gas and electricity supplier is based in Courbevoie, France.
| Issuer: | Engie SA
|
| Amount: | €900 million
|
| Issue: | Senior green notes
|
| Maturity: | Dec. 6, 2033
|
| Bookrunners: | BNP Paribas (billing and delivery), Credit Agricole CIB, La Banque Postale, Mizuho, Santander, SMBC, Belfius, BofA Securities, CaixaBank, ING and Societe Generale
|
| Green adviser: | BNP Paribas
|
| Coupon: | 3.875%
|
| Price: | 99.204
|
| Yield: | 3.973%
|
| Spread: | Mid-swaps plus 105 bps, or Bunds plus 154.5 bps
|
| Call features: | Make-whole call at Bunds plus 25 bps; three-month par call
|
| Trade date: | Nov. 29
|
| Settlement date: | Dec. 6
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 135 bps to 140 bps
|
| ISIN: | FR001400MF86
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