By Paul A. Harris
Portland, Ore., April 28 – TDC Net A/S priced a €500 million issue of 6½% eight-year secured sustainability-linked notes (Fitch: BBB-) at 99.987 on Friday, according to market sources.
The deal priced in line with price talk that was given in spreads – mid-swaps plus 340 basis points to 350 bps – implying a yield in the 6½% area, a source said.
The transaction was heard to be playing to demand in excess of €800 million on Friday morning, a source said.
Proceeds will be used to refinance debt.
The notes will be linked to TDC Net achieving specified reductions in CO2 emissions.
Joint global coordinator and joint bookrunner HSBC will bill and deliver. BNP Paribas is also a joint global coordinator and joint bookrunner. Additional joint bookrunners are ING and SEB.
The issuer is a Copenhagen-based telecommunications infrastructure and services supplier.
| 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 notes
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| Maturity: | June 1, 2031
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| Joint global coordinators: | BNP Paribas and HSBC
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| Joint bookrunners: | BNP Paribas, HSBC, ING and SEB
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| Sustainability advisers: | ING and SEB
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| Coupon: | 6½%
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| Price: | 99.987
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| Spread: | 348.5 bps over mid-swaps
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| Call protection: | Make-whole call until three months prior to maturity, then callable at par; otherwise, non-callable
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| Trade date: | April 28
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| Settlement date: | May 9
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| Rating: | Fitch: BBB-
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 340 bps to 350 bps
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