Chicago, Jan. 11 – Enel Finance International NV priced a €2.75 billion triple-tranche offering of sustainability-linked bonds (Baa1/BBB+/A-) on Tuesday, according to information provided by a market source.
The company sold €1.25 billion of 0.25% notes due Nov. 17, 2025 at 99.829 to yield 0.295%. Pricing on the spread was recorded at mid-swaps plus 30 basis points.
The second tranche in the deal is €750 million of 0.875% nine-year notes priced at 98.7 to yield 1.027%. The spread was 70 bps over mid-swaps.
A tranche of 13-year notes arrived as €750 million of 1.25% notes which priced at 99.334 to yield 1.306%. The spread came at 80 bps over mid-swaps.
All three tranches have make-whole calls and then par calls with the par call starting one month before the maturity date for the shortest tranche and three months for the other two series.
Tied to GHG emissions, the rate will step up if certain goals are unmet by 25 bps on each tranche. Reductions must decrease to 148g/kWheq by Dec. 31, 2023 for the shortest-dated notes, 140g/kWheq by Dec. 31, 2024 for the middle tranche and 82g/kWheq for the longest-dated notes.
Bookrunners are Banca Akros, Barclays, BBVA, BNP Paribas, CaixaBank, Citigroup, Goldman Sachs BE, HSBC, IMI-Intesa Sanpaolo, ING, JPMorgan, Mediobanca, Natixis and Santander.
For billing and delivery, BNP Paribas was listed on the first tranche, Goldman Sachs was on the middle part and JPMorgan handled the third series.
Proceeds will be used for general corporate purposes.
Listing for the Regulation S notes will be on Euronext Dublin.
The multinational company is an integrated operator in the global power, gas and renewables markets.
| Issuer: | Enel Finance International NV
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| Guarantor: | ENEL – Societa per Azioni
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| Amount: | €2.75 billion
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| Issue: | Sustainability-linked bonds
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| Bookrunners: | Banca Akros, Barclays, BBVA, BNP Paribas, CaixaBank, Citigroup, Goldman Sachs BE, HSBC, IMI-Intesa Sanpaolo, ING, JPMorgan, Mediobanca, Natixis and Santander
|
| Green assessor: | Vigeo Eiris
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| Trade date: | Jan. 11
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| Settlement date: | Jan. 17
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: A-
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| Distribution: | Regulation S
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|
| Short four-year
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| Amount: | €1.25 billion
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| Maturity: | Nov. 17, 2025
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| Coupon: | 0.25%
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| Price: | 99.829
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| Yield: | 0.295%
|
| Spread: | Mid-swaps plus 30 bps, or Bunds plus 75.5 bps
|
| Call features: | Make-whole call at Bunds plus 12.5 bps until one month before maturity, then par call
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| ISIN: | XS2432293673
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|
|
| Nine-year notes
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| Amount: | €750 million
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| Maturity: | Jan. 17, 2031
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| Coupon: | 0.875%
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| Price: | 98.7
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| Yield: | 1.027%
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| Spread: | Mid-swaps plus 70 bps, or Bunds plus 114.3 bps
|
| Call features: | Make-whole call at Bunds plus 20 bps until three months before maturity, then par call
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| ISIN: | XS2432293756
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|
|
| 13-year notes
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| Amount: | €750 million
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| Maturity: | Jan. 17, 2035
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| Coupon: | 1.25%
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| Price: | 99.334
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| Yield: | 1.306%
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| Spread: | Mid-swaps plus 80 bps, or Bunds plus 114.3 bps
|
| Call features: | Make-whole call at Bunds 138.2 bps until three months before maturity, then par call
|
| ISIN: | XS2432293913
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