Chicago, March 6 – Hungary’s MVM Energetika Zartkoruen Mukodo Reszvenytarsasag priced $750 million of 6½% seven-year notes (BBB-/BBB), according to a market source.
Pricing came at 99.111 to yield 6.661%, or at Treasuries plus 250 basis points. Initial talk was in the 280 bps area.
Call protection includes a make-whole call at Treasuries plus 40 bps and a three-month par call.
J.P. Morgan (billing and delivery) and BNP Paribas were joint global coordinators.
They were joined by Erste Group, ICBC, KBC Bank, OTP Bank, SMBC and UniCredit as joint bookrunners.
The order book built to $2.5 billion.
Proceeds will be used for general corporate purposes.
The Regulation S deal will be listed in Dublin.
The vertically integrated energy group is 100% state-owned by Hungary.
| Issuer: | MVM Energetika Zartkoruen Mukodo Reszvenytarsasag
|
| Amount: | $750 million
|
| Issue: | Senior notes
|
| Maturity: | March 13, 2031
|
| Bookrunners: | J.P. Morgan (billing and delivery), BNP Paribas (joint global coordinators), Erste Group, ICBC, KBC Bank, OTP Bank, SMBC and UniCredit (joint bookrunners)
|
| Coupon: | 6½%
|
| Price: | 99.111
|
| Yield: | 6.661%
|
| Spread: | Treasuries plus 250 bps
|
| Call features: | Make-whole call at Treasuries plus 40 bps; three-month par call
|
| Change of control: | Yes
|
| Trade date: | March 5
|
| Settlement date: | March 13
|
| Ratings: | S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
| Price talk: | Treasuries plus 280 bps area
|
| ISIN: | XS2783579704
|
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