Published on 5/13/2021 in the Prospect News Emerging Markets Daily.
New Issue: China’s ENN Clean Energy sells $800 million 3 3/8% notes due 2026
By William Gullotti
Buffalo, N.Y., May 13 – ENN Clean Energy International Investment Ltd. sold $800 million of 3 3/8% notes due May 12, 2026 (Ba1//BBB-) at 99.658, according to an offering memorandum.
The notes are unconditionally and irrevocably guaranteed by ENN Natural Gas Co., Ltd.
The notes can be redeemed with a make-whole premium of Treasuries plus 100 basis points until May 12, 2024. Starting with that May 2024 date, the notes can be redeemed at 101.688 and then after May 12, 2025 at 100.844.
Morgan Stanley, Citigroup, Standard Chartered Bank, Natixis and Deutsche Bank are the global coordinators and are joined as bookrunners and lead arrangers by China Citic Bank International, BNP Paribas, UBS, China Everbright Bank Hong Kong Branch, CMB International, Mizuho Securities, J.P. Morgan, Bocom International and CCB International.
Proceeds will be used to repay existing debt.
ENN Ecological Holdings is a Langfang, China-based company engaged in the clean energy industry.
| Issuer: | ENN Clean Energy International Investment Ltd.
|
| Guarantor: | ENN Natural Gas Co., Ltd.
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| Issue: | Guaranteed Senior Notes
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| Amount: | $800 million
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| Maturity: | May 12, 2026
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| Bookrunners: | Morgan Stanley, Citigroup, Standard Chartered Bank, Natixis, Deutsche Bank, China Citic Bank International, BNP Paribas, UBS, China Everbright Bank Hong Kong Branch, CMB International, Mizuho Securities, JP Morgan, Bocom International and CCB International
|
| Trustee: | Citicorp International Ltd.
|
| Counsel to issuer: | Sullivan & Cromwell (Hong Kong) LLP, Commerce & Finance Law Offices, Maples and Calder (Hong Kong) LLP
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| Counsel to underwriters: | Davis Polk & Wardwell, King & Wood Mallesons
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| Coupon: | 3 3/8%
|
| Price: | 99.658
|
| Call option: | Make-whole call at Treasuries plus 100 bps until May 12, 2024; at 101.688 starting May 12, 2024; at 100.844 after May 12, 2025
|
| Change of control: | At 101
|
| Equity clawback: | Up to 35% at 103.375
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| Pricing date: | May 6
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| Settlement date: | May 12
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| Ratings: | Moody’s: Ba1
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| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
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