By Mary-Katherine Stinson
Lexington, Ky., March 15 – Cadent Finance plc issued £300 million 5.75% green finance instruments due March 14, 2034 guaranteed by parent Cadent Gas Ltd. (Baa1/BBB+/A-), according to a final term sheet.
The instruments priced at 99.882 to yield 5.765%.
The Regulation S issue is callable any time prior to maturity at the make-whole premium of Treasuries plus 30 basis points.
Lloyds Bank Corporate Markets plc, Morgan Stanley & Co. International plc and RBC Europe Ltd. were the bookrunners.
Proceeds will be used to finance new and/or existing projects contributing substantially to climate change mitigation.
The notes were issued under the company’s £7 billion euro medium-term note program and will trade on the London Stock Exchange effective March 14.
Cadent Finance is a wholly owned subsidiary of U.K.-based Cadent Gas Ltd. and the company operates as part of the Cadent Gas Group’s regulated gas distribution business. Cadent Finance’s principal activity is the provision of long-term finance for its immediate parent, Cadent Gas.
| Issuer: | Cadent Finance plc
|
| Guarantor: | Cadent Gas Ltd.
|
| Amount: | £300 million
|
| Issue: | Green finance instruments
|
| Maturity: | March 14, 2034
|
| Managers: | Lloyds Bank Corporate Markets plc, Morgan Stanley & Co. International plc and Royal Bank of Canada Europe Ltd.
|
| Coupon: | 5.75%
|
| Price: | 99.882
|
| Yield: | 5.765%
|
| Call features: | At a make-whole premium of Treasuries plus 30 bps any time prior to maturity
|
| Trade date: | March 7
|
| Settlement date: | March 14
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | Regulation S
|
| ISIN: | XS2596453014
|
|
|
© 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.
