By Rebecca Melvin
New York, Dec. 7 – Infraestructura Energetica Nova SAB de CV, or IEnova, priced $840 million of notes (expected ratings: Baa1/BBB/BBB+) in two tranches of 10- and 30-year paper on Thursday, according to a market source.
The $300 million tranche of 10-year notes priced with a 3¾% coupon at 98.543 to yield 3.926%, or a spread of 155 basis points over U.S. Treasuries. Pricing came tight compared to talk in the high 100 bps area over Treasuries.
The $540 million tranche of 30-year notes priced with a 4 7/8% coupon at 96.18 to yield 5 1/8%, or a spread of 235 bps over Treasuries. Pricing was tight compared to talk at the high 200 bps area.
Citigroup, BofA Merrill Lynch and Scotiabank were joint bookrunners of the Rule 144A and Regulation S notes.
Proceeds are earmarked for refinancing short-term debt and for general corporate purpose.
IEnova is Mexican gas distributor majority-owned by California-based utility holding company Sempra Energy.
| Issuer: | Infraestructura Energetica Nova SAB de CV
|
| Amount: | $840 million
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup, BofA Merrill Lynch and Scotiabank
|
| Trade date: | Dec. 7
|
| Settlement date: | Dec. 14
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Fitch: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 10-year notes
|
| Amount: | $300 million
|
| Maturity: | Jan. 14, 2028
|
| Coupon: | 3¾%
|
| Price: | 98.543
|
| Yield: | 3.926%
|
| Spread: | 155 bps over Treasuries
|
| Price talk: | High 100 bps over Treasuries
|
|
|
| 30-year notes
|
| Amount: | $540 million
|
| Maturity: | Jan. 14, 2048
|
| Coupon: | 4 7/8%
|
| Price: | 96.18
|
| Yield: | 5 1/8%
|
| Spread: | 235 bps over Treasuries
|
| Price talk: | High 200 bps over Treasuries
|
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