Published on 2/8/2022 in the Prospect News Emerging Markets Daily.
New Issue: Energo-Pro sells $435 million 8˝% guaranteed notes due 2027
Chicago, Feb. 8 – Energo-Pro AS sold $435 million of 8˝% notes due 2027 (B+/BB-) at par on Feb. 2, according to the listing particulars.
The notes can be redeemed early at the option of the issuer starting on Feb. 4, 2024 at 104.25, then from Feb. 4, 2025 at 101.125 and then starting Feb. 4, 2026 at par.
Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE, J.P. Morgan SE, BNP Paribas, Intesa Sanpaolo SpA, Komercni banka, as, MUFG Securities (Europe) NV, Raiffeisen Bank International AG and UniCredit Bank were bookrunners for the Rule 144A and Regulation S deal.
Proceeds will be used to repay the issuer’s €370 million 4% guaranteed notes due 2022 that were part of a tender offer, to repay the group’s outstanding short-term debt and for various fees and expenses.
Energo-Pro is a Prague, Czech Republic-based power generation and distribution company operating in the Czech Republic, Bulgaria, Georgia, Turkey and Armenia.
| Issuer: | Energo-Pro AS
|
| Amount: | $435 million
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| Issue: | Guaranteed notes
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| Maturity: | Feb. 4, 2027
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| Bookrunners: | Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE, J.P. Morgan SE, BNP Paribas, Intesa Sanpaolo SpA, Komercni banka, as, MUFG Securities (Europe) NV, Raiffeisen Bank International AG and UniCredit Bank
|
| AG
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| Trustee: | Law Debenture Trust Corp. plc
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| Counsel to issuer: | White & Case LLP, BLC Law Office, GKC Partners, Tsvetkova Bebov & Partners
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| Counsel to underwriters: | Allen & Overy, BGI Advisory Services Georgia, Boyanov & Co.
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| Coupon: | 8˝%
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| Price: | Par
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| Yield: | 8˝%
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| Call features: | At 104.25 starting Feb. 4, 2024; at 101.125 starting Feb. 4, 2025; at par starting Feb. 4, 2026
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| Change of control: | At 101
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| Equity clawback: | Up to 40% at 104.25
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| Trade date: | Feb. 2
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| Settlement date: | Feb. 4
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| Ratings: | S&P: B+
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| Fitch: BB-
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| Distribution: | Rule 144A and Regulation S
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| ISIN: | XS2412048550, XS2436913383
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