By Marisa Wong
Los Angeles, March 31 – HIME SAS priced €300 million of 4.5% sustainability-linked senior bonds due April 6, 2027 (expected: BBB-/BBB-), according to a market source.
The notes priced at 99.603 to yield 4.611%, or with a spread of 145 basis points over mid-swaps, or 218.5 bps over Bunds.
The coupon steps up by 50 bps if the sustainability performance target is not met. The company’s target is to achieve three-year rolling average carbon intensity of 24.0 CO2 equivalent tons per million euros by 2025.
BNP Paribas, HSBC (billing and delivery) and Morgan Stanley are bookrunners for the Regulation S offering.
Proceeds will be used for general corporate purposes, including the repayment of existing drawn amounts under the company’s revolver.
HIME is the holding company of Saur, a French water services management company.
| Issuer: | HIME SAS
|
| Amount: | €300 million
|
| Issue: | Sustainability-linked senior bonds
|
| Maturity: | April 6, 2027
|
| Bookrunners: | BNP Paribas, HSBC (billing and delivery) and Morgan Stanley
|
| Coupon: | 4.5%
|
| Price: | 99.603
|
| Yield: | 4.611%
|
| Spread: | Mid-swaps plus 145 bps, or Bunds plus 218.5 bps
|
| Call options: | Make-whole call at Bunds plus 35 bps; clean-up call at 75% threshold
|
| Put option: | At par upon change of control
|
| Pricing date: | March 31
|
| Settlement date: | April 6
|
| Expected ratings: | S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
| Listing: | Euronext Dublin
|
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