By William Gullotti
Buffalo, N.Y., May 12 – China’s ENN Energy Holdings Ltd. priced $550 million of 4 5/8% green senior notes due 2027 (Baa1/BBB/BBB+) at 99.568 on Wednesday, according to a company notice on Thursday.
The notes feature a make-whole call until April 17, 2027 at the greater of par and the sum of the remaining scheduled payments of principal and interest discounted at Treasuries plus 30 basis points, followed by a par call until maturity.
Noteholders will be able to exercise a change-of-control put at 101 plus interest.
HSBC, Morgan Stanley, Citigroup, Deutsche Bank and Mizuho Securities are the joint global coordinators, joint bookrunners and joint lead managers for the Regulation S and Rule 144A offering.
Also serving as joint lead managers and joint bookrunners are ANZ, BNP Paribas, MUFG, Natixis and Standard Chartered Bank.
The proceeds will be used for refinancing existing debt and to fund refinancing capital or operating expenditures, including R&D, construction, acquisitions and operating on new or existing green projects.
The company will seek to list the notes on the Hong Kong Exchange.
ENN Energy is a Lanfang, China-based investment holding company that invests in, operates and manages gas pipeline infrastructure and sells and distributes gas.
| Issuer: | ENN Energy Holdings Ltd.
|
| Amount: | $550 million
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| Issue: | Green senior notes
|
| Maturity: | May 17, 2027
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| Bookrunners: | HSBC, Morgan Stanley, Citigroup, Deutsche Bank, Mizuho Securities, ANZ, BNP Paribas, MUFG, Natixis and Standard Chartered Bank
|
| Trustee: | HSBC Bank USA, NA
|
| Coupon: | 4 5/8%
|
| Price: | 99.568
|
| Calls: | Make-whole call at the greater of par and the sum of the remaining scheduled payments of principal and interest discounted at Treasuries plus 30 bps until April 17, 2027, then par call until maturity
|
| Change of control: | At 101 plus interest
|
| Pricing date: | May 11
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| Settlement date: | May 17
|
| Ratings: | Moody's: Baa1
|
| S&P: BBB
|
| Fitch: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
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