Denmark’s TDC mandates bookrunners ahead of benchmark euro-denominated secured notes offering

By Paul A. Harris and Mary-Katherine Stinson

Portland, Ore., Jan. 19 – TDC NET A/S mandated bookrunners to arrange meetings with fixed income investors ahead of an expected benchmark euro-denominated offering of seven-year senior secured sustainability-linked notes (//BBB-), pending market conditions, according to market sources.

Barclays and BNP Paribas are working as joint global coordinators.

ING and SEB will be joint sustainability structuring advisers.

Joining Barclays and BNP as joint bookrunners for the Regulation S deal will be HSBC, ING, Jyske Bank and SEB.

Legal advisers to the issuer and guarantor were Bruun & Hjejle Advokatpartnerselskab (Danish law), Clifford Chance LLP (English law) and NautaDutilh Avocats Luxembourg Sarl (Luxembourg law).

Meetings are expected to start on Friday and continue through Tuesday.

The Copenhagen-based telecom plans to use the proceeds to repay debt.

The new notes will be issued by TDC NET in accordance with the company’s sustainability-linked finance framework and will be listed on the Luxembourg Stock Exchange.

Key performance indicators will be linked to scope 1 and 2 emissions and scope 3 greenhouse gas emissions.

The notes will be guaranteed by TDC NET Holding A/S and issued under the company’s €3.5 billion euro medium-term note program dated May 17, 2022.

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