Chicago, March 6 – NBN Co. Ltd. priced €1.35 billion of green senior notes in two parts (A1//AA) on Monday, according to a source.
The first tranche due 2029 priced as €750 million 4.125% notes at 99.563 to yield 4.209%, or at mid-swaps plus 85 basis points. Initial price talk was in the mid-swaps plus 110 bps area.
The second tranche due 2033 priced as €600 million 4.375% notes at 99.817 to yield 4.398%, or at mid-swaps plus 115 bps. Price talk started in the mid-swaps plus 140 bps area.
Both notes have make-whole call options, at Bunds plus 25 bps. Each note will also be callable at par, two months before the maturity date for the 2029 notes and three months before the maturity date for the 2033 notes.
BNP Paribas, Citi, Deutsche Bank and HSBC are the bookrunners.
Investor calls started Feb. 27 for the issue.
The final book for the first tranche went over €1.85 billion and over €1.6 billion for the 10-year tranche.
Proceeds will be used for eligible green projects.
NBN operates Australia’s wholesale broadband access network and is wholly owned by the Commonwealth of Australia.
| Issuer: | NBN Co. Ltd.
|
| Amount: | €1.35 billion
|
| Issue: | Senior green notes
|
| Bookrunners: | BNP Paribas, Citi, Deutsche Bank and HSBC
|
| Trade date: | March 6
|
| Settlement date: | March 15
|
| Ratings: | Moody’s: A1
|
| Fitch: AA
|
| Distribution: | Regulation S
|
| Marketing: | Investor calls
|
|
|
| 2029 notes
|
| Amount: | €750 million
|
| Maturity: | March 15, 2029
|
| Coupon: | 4.125%
|
| Price: | 99.563
|
| Yield: | 4.209%
|
| Spread: | Mid-swaps plus 85 bps
|
| Call features: | Make-whole call at Bunds plus 25 bps; two-month par call
|
| Change of control: | At 101
|
| Price talk: | Mid-swaps plus 110 bps area
|
| ISIN: | XS2590621103
|
|
|
| 2033 notes
|
| Amount: | €600 million
|
| Maturity: | March 15, 2033
|
| Coupon: | 4.375%
|
| Price: | 99.817
|
| Yield: | 4.398%
|
| Spread: | Mid-swaps plus 115 bps
|
| Call features: | Make-whole call at Bunds plus 52 bps; three-month par call
|
| Change of control: | At 101
|
| Price talk: | Mid-swaps plus 140 bps area
|
| ISIN: | XS2590621368
|
|
|
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