By Mary-Katherine Stinson
Lexington, Ky., Aug. 18 – SpareBank 1 SR-Bank ASA priced an offering of green senior non-preferred notes with a five-year tenor on Thursday, according to a market source.
The €500 million of 4.875% notes due Aug. 24, 2028 (Baa1) priced at 99.996 to yield 4.876%. Final terms were 150 basis points over mid-swaps after initial price talk in the mid-swaps plus 165 bps to 170 bps area.
The Regulation S offering was oversubscribed with the order book closing at approximately €700 million.
Bookrunners were Citi, HSBC, ING, Nordea (billing and delivery) and Societe Generale. ING served as the sole green structuring adviser.
Proceeds will be used to finance or refinance, in part or in full, an array of new and/or existing green projects.
The notes will be issued under the bank’s €10 billion euro medium-term note program and will be listed on the Luxembourg Stock Exchange.
The lender is based in Stavanger, Norway.
| Issuer: | SpareBank 1 SR-Bank ASA
|
| Amount: | €500 million
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| Issue: | Green senior non-preferred notes
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| Maturity: | Aug. 24, 2028
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| Bookrunners: | Citi, HSBC, ING, Nordea (billing and delivery) and Societe Generale
|
| Green structuring adviser: | ING
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| Coupon: | 4.875%
|
| Price: | 99.996
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| Yield: | 4.876%
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| Spread: | Mid-swaps plus 150 bps
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| Pricing date: | Aug. 17
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| Settlement date: | Aug. 24
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| Rating: | Moody’s: Baa1
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 165-170 bps area
|
| ISIN: | XS2671251127
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