By Paul A. Harris
Portland, Ore., July 20 – Energia Group priced a €600 million issue of Energia Group ROI FinanceCo DAC five-year senior secured notes (Ba2//BB+) at par to yield 6 7/8% on Thursday, according to market sources.
The yield printed at the tight end of yield talk in the 7% area. Initial guidance was in the 7¼% area.
Morgan Stanley managed the sale.
Proceeds plus balance sheet cash will be used to redeem £215,488,000 of the remaining £225 million of 4¾% senior secured notes due 2024 and the remaining balance of €347.54 million of the original €350 million 4% senior secured notes due 2025 jointly issued by Energia Group NI FinanceCo plc and Energia Group ROI Holdings DAC.
Concurrently with the offering, the group will discharge and terminate its existing revolving credit facility and enter into a new revolver.
Energia Group, formerly Viridian Group, is a Dublin-based utility focused on renewable energy.
| Issuer: | Energia Group ROI FinanceCo DAC
|
| Amount: | €600 million
|
| Issue: | Senior secured notes
|
| Tenor: | Five years
|
| Lead: | Morgan Stanley
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 432 bps
|
| Call protection: | Two years
|
| Trade date: | July 20
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7% area
|
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