Chicago, March 13 – Stellantis NV priced a €1.25 billion dual-tranche bond deal (Baa1/BBB+) on Wednesday that includes a green bond, according to a market source.
A 6.5-year conventional tranche priced as €750 million of 3.5% senior notes due September 2030 at 99.758 to yield 3.545%, or at mid-swaps plus 90 basis points. Initial talk was between mid-swaps plus 130 bps and 135 bps. Guidance dropped to the 100 bps area during pricing.
The second tranche, the green component, priced as €500 million of 3.75% notes due March 2036 at 98.893 to yield 3.867%, or at mid-swaps plus 123 bps. Talk was mid-swaps plus 170 bps to 175 bps with a revision to the 135 bps area.
Citigroup was tasked with billing and delivery. Other active bookrunners included BNP Paribas, Commerzbank, Deutsche Bank, JPMorgan, Mediobanca, Morgan Stanley, RBC Capital Markets, Santander and SMBC.
The first tranche will be used for general corporate purposes.
Proceeds on the green notes will be used for eligible green projects.
Stellantis is an Amsterdam-based automaker and mobility provider.
| Issuer: | Stellantis NV
|
| Amount: | €1.25 billion
|
| Issue: | Senior notes
|
| Bookrunners: | Citigroup (billing and delivery), BNP Paribas, Commerzbank, Deutsche Bank, J.P. Morgan, Mediobanca, Morgan Stanley, RBC Capital Markets, Santander and SMBC
|
| Change of control: | At 101
|
| Trade date: | March 13
|
| Settlement date: | March 19
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | Regulation S
|
|
|
| 6.5-year notes
|
| Amount: | €750 million
|
| Issue: | Notes
|
| Maturity: | Sept. 19, 2030
|
| Coupon: | 3.5%
|
| Price: | 99.758
|
| Yield: | 3.545%
|
| Spread: | Mid-swaps plus 90 bps
|
| Call features: | Make-whole call at Bunds plus 20 bps; three-month par call
|
| Price talk: | Mid-swaps plus 130 bps to 135 bps; guided to 100 bps area
|
| ISIN: | XS2787827190
|
|
|
| Green notes
|
| Amount: | €500 million
|
| Issue: | Green notes
|
| Maturity: | March 19, 2036
|
| Coupon: | 3.75%
|
| Price: | 98.893
|
| Yield: | 3.867%
|
| Spread: | Mid-swaps plus 123 bps
|
| Call features: | Make-whole call at Bunds plus 25 bps; three-month par call
|
| Price talk: | Mid-swaps plus 170 bps to 175 bps; guided 135 bps area
|
| ISIN: | XS2787827604
|
|
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