Published on 3/17/2022 in the Prospect News Green Finance Daily.
New Issue: Segro prices two tranches of green bonds totaling €1.15 billion
By William Gullotti
Buffalo, N.Y., March 17 – Segro plc priced a two-part offering of green bonds totaling €1.15 billion, according to a press release on Thursday.
According to the release, the deal was six times oversubscribed.
The first tranche is €650 million of 1.25% green bonds, priced at 70 basis points above euro mid-swaps, with a four-year tenor.
The second tranche is €500 million of 1.875% green bonds, priced at 110 bps above euro mid-swaps, with an eight-year tenor.
Proceeds will be used to finance or refinance eligible green projects as well as providing funding for general corporate purposes.
Segro is a London-based real estate investment trust specializing in warehouses and light industrial properties.
| Issuer: | Segro Capital Sarl
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| Guarantor: | Segro plc
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| Issue: | Green bonds
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| Amount: | €1.15 billion
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| Bookrunners: | Barclays, Banco Santander, SA, SMBC Nikko Capital Markets Ltd., Wells Fargo Securities International Ltd. (active), Bank of China Ltd., London Branch, BNP Paribas, Lloyds Bank Corporate Markets, Wertpapierhandelsbank GmbH, NatWest Markets plc
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| Green assessor: | DNV GL Business Assurance Services UK Ltd.
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| Rating: | Fitch: A
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| Announcement date: | March 17
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| Settlement date: | March 23
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| Distribution: | Regulation S
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| Four-year bonds
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| Amount: | €650 million
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| Tenor: | March 23, 2026
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| Coupon: | 1.25%
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| Price: | 99.609
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| Yield: | 1.351%
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| Spread: | Euro mid-swaps plus 70 bps
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| Call: | Make-whole call before Dec. 23, 2025 at Bunds plus 25 bps
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| ISIN: | XS2455401328
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| Eight-year bonds:
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| Amount: | €500 million
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| Tenor: | March 23, 2030
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| Coupon: | 1.875%
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| Price: | 98.83
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| Yield: | 2.035%
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| Spread: | Euro mid-swaps plus 110 bps
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| Call: | Make-whole call before Dec. 23, 2029 at Bunds plus 30 bps
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| ISIN: | XS2455401757
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