Chicago, Nov. 6 – Energeticky a prumyslovy holding, as priced its debut €500 million offering of 6.651% five-year bonds on Monday (BBB-/BBB-) that were the subject of a roadshow in mid-October, according to a market source.
The bonds priced at par, or at mid-swaps plus 350 basis points.
Investor feedback post-roadshow was pointing to a spread in the high 200s to very low 300s over mid-swaps. However, official talk on Monday morning put the offering in the mid-swaps plus 350 bps area, exactly where the notes ended up pricing.
Citigroup is working on billing and delivery. Commerzbank, ING Bank NV, SMBC and UniCredit Bank AG joined Citi as joint global coordinators and active bookrunners. Erste Group was also an active bookrunner.
The final book size was over €590 million based on the final terms.
The energy company will be working to limit using coal as a primary source of generation by 2030.
Proceeds from the bonds will be used for general corporate purposes, with the exclusion of coal power generation or mining activities. General corporate purposes will include the provision of loans to other member groups.
The offering will be listed in Dublin.
The notes were technically offered by issuer EPH Financing International, as.
Based in Prague, EPH is focused on the energy sector in Europe. The company was founded in 2009.
| Issuer: | EPH Financing International, as
|
| Guarantor: | Energeticky a prumyslovy holding, as
|
| Amount: | €500 million
|
| Issue: | Senior notes
|
| Maturity: | Nov. 13, 2028
|
| Bookrunners: | Citigroup (billing and delivery), Commerzbank, ING Bank NV, SMBC, UniCredit Bank AG (joint global coordinators), Erste Group
|
| Coupon: | 6.651%
|
| Price: | Par
|
| Yield: | 6.651%
|
| Spread: | Mid-swaps plus 350 bps, or at Bunds plus 408.4 bps
|
| Trade date: | Nov. 6
|
| Settlement date: | Nov. 13
|
| Ratings: | S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 350 bps area
|
| Marketing: | Roadshow
|
| ISIN: | XS2716891440
|
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