Published on 10/7/2022 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Enel Finance prices $4 billion sustainability notes in four parts
By Marisa Wong and Cristal Cody
Los Angeles, Oct. 7 – Enel Finance America LLC and Enel Finance International NV priced $4 billion of sustainability notes (Baa1/BBB+) in four tranches on Thursday with hefty new issue concessions, including 70-plus basis points on the three-year tranche and 43 bps on the five-year tranche, according to a market source.
Enel priced $750 million of 6.8% three-year notes with a spread of 275 bps over Treasuries. Initial price talk was in the Treasuries plus 290 bps area.
BofA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, IMI, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG, UniCredit Capital Markets LLC and Wells Fargo Securities LLC are the bookrunners for the three-year tranche.
Enel also priced $1 billion of 7.1% five-year notes at Treasuries plus 325 bps. Initial price talk was in the Treasuries plus 340 bps area.
BBVA Securities Inc., BofA, BNP, Citi, Goldman Sachs, JPMorgan, Mizuho Securities USA Inc., Morgan Stanley, Santander Investment Securities Inc., SMBC Nikko Securities America Inc. and Wells Fargo are the bookrunners for the five-year tranche.
Enel priced $1.25 billion of 7.5% 10-year notes with a spread of 400 bps over Treasuries. Initial price talk was in the Treasuries plus 415 bps area.
BofA, Barclays, BNP, Credit Agricole CIB, Citi, Goldman Sachs, HSBC Securities (USA) Inc., JPMorgan, Morgan Stanley and SG Americas Securities LLC are the bookrunners for the 10-year tranche.
For the fourth tranche, Enel sold $1 billion of 7.75% 30-year notes at Treasuries plus 440 bps. Initial price talk was in the Treasuries plus 455 bps area.
BofA, Barclays, BNP, Credit Agricole, Citi, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley and Societe Generale were the bookrunners for the 30-year tranche.
The multinational company is an integrated operator in the global power, gas and renewables markets.
| Issuers: | Enel Finance America LLC and Enel Finance International NV
|
| Amount: | $4 billion
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| Issue: | Sustainability notes
|
| Pricing date: | Oct. 6
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
|
|
| Three-year notes
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| Amount: | $750 million
|
| Maturity: | Oct. 14, 2025
|
| Bookrunners: | BofA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, IMI, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG, UniCredit Capital Markets LLC and Wells Fargo Securities LLC
|
| Coupon: | 6.8%
|
| Spread: | Treasuries plus 275 bps
|
| Initial price talk: | Treasuries plus 290 bps area
|
|
|
| Five-year notes
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| Amount: | $1 billion
|
| Maturity: | Oct. 14, 2027
|
| Bookrunners: | BBVA Securities Inc., BofA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Santander Investment Securities Inc., SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC
|
| Coupon: | 7.1%
|
| Spread: | Treasuries plus 325 bps
|
| Initial price talk: | Treasuries plus 340 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Oct. 14, 2032
|
| Bookrunners: | BofA Securities Inc., Barclays, BNP Paribas Securities Corp., Credit Agricole CIB, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and SG Americas Securities LLC
|
| Coupon: | 7.5%
|
| Spread: | Treasuries plus 400 bps
|
| Initial price talk: | Treasuries plus 415 bps area
|
|
|
| 30-year notes
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| Amount: | $1 billion
|
| Maturity: | Oct. 14, 2052
|
| Bookrunners: | BofA Securities Inc., Barclays, BNP Paribas Securities Corp., Credit Agricole CIB, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and SG Americas Securities LLC
|
| Coupon: | 7.75%
|
| Spread: | Treasuries plus 440 bps
|
| Initial price talk: | Treasuries plus 455 bps area
|
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