Czech Republic’s Ceske Drahy delays €500 million green note offer

Chicago, June 27 – Czech Republic’s Ceske Drahy AS is withdrawing its offer of €500 million of green seven-year notes (Baa2), according to a market source.

There was a high-speed train collision on Monday in the Czech Republic and the Prague-based national railway operator decided the timing is unsuitable until the situation is clear and “they can properly communicate with investors,” according to the source.

The documentation will be updated at a later date.

At the time the offer was withdrawn, the issue was oversubscribed.

The company was offering its inaugural green bond. Initial price talk was in the 275 basis points area over mid-swaps.

Documentation included a make-whole call with a three-month par call.

The deal was marked as Monday’s business.

Erste Group, ING and UniCredit were working joint global coordinators and joint bookrunners and Societe Generale was listed as a joint bookrunner for the Regulation S offer.

Moody’s ESG Solutions issued a second-party option.

Erste Group and ING are working joint green structuring advisers.

The issuer is state-owned.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.