By Rebecca Melvin
Concord, N.H., March 31 – VGP NV priced a €600 million eight-year senior green bond (//BBB-) on Wednesday, representing the company’s first green issue, according to a market source.
The order books were more than €1.6 billion at the time guidance was released, and the bond was initially talked at €500 million in size.
The 1.5% bonds due April 8, 2029 priced at 99.522 for a yield of 1.564% and a spread over mid-swaps of 165 basis points.
Pricing was tight to initial talk for a spread of mid-swaps plus 190 bps to 195 bps.
There is a make-whole call at Bunds plus 30 bps and a three-month par call.
JPMorgan and KBC were joint green bond structuring agents, global coordinators and bookrunners, and they were joined by Belfius and BNP Paribas, which also acted as bookrunners.
The real estate developer is based in Belgium.
| Issuer: | VGP NV
|
| Issue: | Senior green bond
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| Amount: | €600 million
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| Maturity: | April 8, 2029
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| Bookrunners: | JPMorgan, KBC, Belfius and BNP Paribas
|
| Coupon: | 1.5%
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| Price: | 99.522
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| Yield: | 1.564%
|
| Spread: | Mid-swaps plus 165 bps
|
| Calls: | Make-whole call at Bunds plus 30 bps, and then three-month call
|
| Pricing date: | March 31
|
| Settlement date: | April 8
|
| Rating: | Fitch: BBB-
|
| Distribution: | Regulation S
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| Initial talk: | Mid-swaps plus 190-195 bps
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