Chicago, Jan. 3 – Red Electrica Financiaciones SAU priced a €500 million offering of 3% 10-year green notes (A-/A-) on Wednesday, according to a market source.
The guarantors are Redeia Corporacion, SA and Red Electrica de Espana, SAU.
Pricing details included a 99.405 discount to yield 3.07% and a spread of 58 basis points over mid-swaps.
The size was set before pricing.
Initial price talk started in the 90 bps to 95 bps area but was cut to the 65 bps area before midday in Europe.
The bonds come with make-whole call protection set at Bunds plus 15 bps and then are callable at par for the final three months.
Santander (billing and delivery), Barclays, BBVA, BNP Paribas, CaixaBank, Citi, ING and Mediobanca worked as joint bookrunners.
Proceeds may be used for eligible green assets.
The Regulation S deal will be listed in Luxembourg.
The company owns and operates Spain’s electric transmission assets.
| Issuer: | Red Electrica Financiaciones SAU
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| Guarantors: | Redeia Corporacion, SA and Red Electrica de Espana, SAU
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| Amount: | €500 million
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| Issue: | Senior green notes
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| Maturity: | Jan. 17, 2034
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| Bookrunners: | Santander (billing and delivery), Barclays, BBVA, BNP Paribas, CaixaBank, Citi, ING and Mediobanca
|
| Coupon: | 3%
|
| Price: | 99.405
|
| Yield: | 3.07%
|
| Spread: | Mid-swaps plus 58 bps
|
| Call features: | Make-whole call at Bunds plus 15 bps; three-month par call
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| Trade date: | Jan. 3
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| Settlement date: | Jan. 17
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| Ratings: | S&P: A-
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| Fitch: A-
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 90 bps to 95 bps area; guided to 65 bps area
|
| ISIN: | XS2744299335
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