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SSEN Transmission negotiates £350 million private placement via Pricoa
By Marisa Wong
Los Angeles, March 31 – SSEN Transmission, a subsidiary of SSE plc, agreed on terms for a £350 million private placement with Pricoa Private Capital, according to a news release.
The private placement has been benchmarked against public bond rates and will be issued in two tranches: a £175 million 10-year note at a rate of 3.13% and a £175 million 15-year note at a rate of 3.24%.
The company agreed to a three-month delayed draw, with proceeds to be received in June.
The terms are subject to final documentation, which is expected to be completed over the next few weeks.
Proceeds are earmarked to fund part of SSEN Transmission’s program of critical investments in transmission network infrastructure that will help accommodate the significant increase in renewables required to bolster the United Kingdom’s energy security and achieve the transition to net zero emissions, as well as cover existing maturing debt, according to the release.
These investments will be essential in enabling delivery of the U.K. government’s ambition for enough offshore wind to power every home with renewable energy by 2030, the company said.
This private placement follows the £850 million of green bonds issued by SSEN Transmission since 2019.
SSEN Transmission owns, operates and develops the high voltage electricity transmission system in the north of Scotland.
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