Chicago, March 15 – Brambles Ltd. priced a €500 million green bond due 2032 (Baa1/BBB+) on Wednesday, according to a market source.
The company priced the notes with a 4.25% coupon at 99.555 to yield 4.317%, or at mid-swaps plus 140 basis points. Alternatively, the bonds priced at Bunds plus 223.9 bps.
Initial price talk had the notes coming at mid-swaps plus 140 bps to 150 bps.
The size was set before pricing.
The bonds are callable with a Bunds plus 35 bps make-whole premium. There will be a three-month par call.
BBVA and ING are the green structuring coordinators. The banks are working with BNP Paribas and Commerzbank as joint bookrunners.
Final books were around €2.1 billion.
Proceeds will be used to finance or refinance a portfolio of eligible green assets.
Brambles Ltd., Brambles Finance Ltd. and Brambles USA, Inc. are guaranteeing the bonds.
The Sydney, Australia-based issuer is a supply-chain logistics company operating in more than 60 countries, primarily through the CHEP brand.
| Issuer: | Brambles Ltd.
|
| Guarantors: | Brambles Ltd., Brambles Finance Ltd. and Brambles USA, Inc.
|
| Amount: | €500 million
|
| Issue: | Senior green bonds
|
| Maturity: | March 22, 2031
|
| Bookrunners: | BBVA, ING, BNP Paribas and Commerzbank
|
| Green advisers: | BBVA and ING
|
| Coupon: | 4.25%
|
| Price: | 99.555
|
| Yield: | 4.317%
|
| Spread: | Mid-swaps plus 140 bps, or Bunds plus 223.9 bps
|
| Call features: | Make-whole call at Bunds plus 35 bps; three-month par call
|
| Change of control: | At par
|
| Trade date: | March 15
|
| Settlement date: | March 22
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 140 bps to 150 bps
|
| Marketing: | Roadshow
|
| ISIN: | XS2596458591
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