Chicago, Feb. 13 – Enel Finance International NV priced a €1.5 billion offering of sustainability bonds in two parts (Baa1/BBB+/BBB+) on Monday, according to information from a market source.
The deal was split into two equal-sized €750 million tranches.
The company priced a tranche of 4% eight-year notes at 98.877 to yield 4.168%, or at mid-swaps plus 125 basis points. Price talk started 20 bps higher, in the 145 bps area.
The company also priced 20-year notes with a 4.5% coupon at 97.669 to yield 4.682%, or at mid-swaps plus 195 bps. Initial price talk was in the 215 bps area.
There will be make-whole call options and then par call options. The eight-year notes are callable at a Bunds plus 30 bps make-whole premium and then have a three-month par call. The 20-year notes have a Bunds plus 35 bps make-whole call and then a six-month par call.
Both notes each have two potential step-up events linked to key performance indicators with a 25 bps adjustment upon the occurrence of one or both events. Three of the different step-up events are related to emissions and the fourth is linked to the proportion of Capex aligned to the E.U. taxonomy.
Akros, BBVA, BNP Paribas, BPER, Credit Agricole CIB, Caixabank, CITI, Commerzbank, Goldman Sachs Bank Europe, IMI-Intesa Sanpaolo, ING, JPM, Mediobanca, Morgan Stanley, Natixis, Santander, Societe Generale and Unicredit are bookrunners.
BNP is handling billing and delivery for the first tranche. Goldman Sachs is doing billing and delivery on the second tranche.
Final books were above €3 billion across both bonds, with €400 million of additional interest in the longer-dated notes.
Proceeds will be used for general corporate purposes.
The notes are guaranteed by ENEL SpA.
The bonds will be listed in Dublin.
The multinational company is an integrated operator in the global power, gas and renewables markets.
| Issuer: | Enel Finance International NV
|
| Guarantor: | ENEL SpA
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| Amount: | €1.5 billion
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| Issue: | Sustainability bonds
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| Bookrunners: | Akros, BBVA, BNP Paribas, BPER, Credit Agricole CIB, Caixabank, CITI, Commerzbank, Goldman Sachs Bank Europe, IMI-Intesa Sanpaolo, ING, JPM, Mediobanca, Morgan Stanley, Natixis, Santander, Societe Generale and Unicredit
|
| Trade date: | Feb. 13
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| Settlement date: | Feb. 20
|
| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: BBB+
|
|
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| 2031 bonds
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| Amount: | €750 million
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| Maturity: | Feb. 20, 2031
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| Coupon: | 4%
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| Price: | 98.877
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| Yield: | 4.168%
|
| Spread: | Mid-swaps plus 125 bps
|
| Call features: | Make-whole call at Bunds plus 30 bps; three-month par call
|
| Price talk: | Mid-swaps plus 145 bps area
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| ISIN: | XS2589260723
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|
|
| 2043 bonds
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| Amount: | €750 million
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| Maturity: | Feb. 20, 2043
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| Coupon: | 4.5%
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| Price: | 97.669
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| Yield: | 4.682%
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| Spread: | Mid-swaps plus 195 bps
|
| Call features: | Make-whole call at Bunds plus 35 bps; six-month par call
|
| Price talk: | Mid-swaps plus 215 bps area
|
| ISIN: | XS2589260996
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