Chicago, Jan. 25 – TDC NET A/S (//BB) priced €500 million of 5.618% senior secured sustainability-linked bonds with a seven-year tenor (//BBB-) on Wednesday, according to a market source.
The global notes priced at par, or mid-swaps plus 285 basis points. Initial price talk was in the mid-swaps plus 320 bps area.
There is an optional make-whole call at Bunds plus 50 bps. During the last three months, the notes are callable at par.
Key performance indicators will be linked to scope 1 and 2 emissions and scope 3 greenhouse gas emissions.
Barclays and BNP Paribas are the joint global coordinators.
Joining Barclays and BNP as joint bookrunners for the Regulation S deal are HSBC, ING, Jyske Bank and SEB.
The final book size was around €2.2 billion. The deal size was set before pricing.
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.
The notes will be guaranteed by TDC NET Holding A/S and are being issued under the company’s €3.5 billion euro medium-term note program dated May 17, 2022.
| Issuer: | TDC NET A/S
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| Guarantor: | TDC NET Holding A/S
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| Amount: | €500 million
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| Issue: | Senior secured sustainability-linked bonds
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| Maturity: | Feb. 6, 2030
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| Bookrunners: | Barclays, BNP Paribas, HSBC, ING, Jyske Bank and SEB
|
| Structuring advisers: | ING and SEB
|
| Coupon: | 5.618%
|
| Price: | Par
|
| Yield: | 5.618%
|
| Spread: | Mid-swaps plus 285 bps
|
| Call features: | Make-whole call at Bunds plus 50 bps; three-month par call
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| Trade date: | Jan. 25
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| Settlement date: | Feb. 6
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| Rating: | Fitch: BBB-
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| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 320 bps area
|
| Marketing: | Investor meetings
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| ISIN: | XS2582501925
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