By Rebecca Melvin
Concord, N.H., May 24 – Stedin Holding NV sold €500 million of 2.375% eight-year green bonds (expected rating: A-) on Tuesday at 99.318 to yield 2.47%, or a spread of mid-swaps plus 90 basis points, according to a syndicate source.
The senior notes were issued under Stedin’s €3 billion euro medium-term note program.
The notes have a make-whole call at Bunds plus 25 bps until three months before maturity and then they are callable at par.
Cooperatieve Rabobank UA, BNP Paribas, ABN Amro and NatWest Markets are bookrunners for the Regulation S deal.
Proceeds will be used to finance or refinance eligible green projects as set out in the company’s green finance framework dated November 2021.
Stedin Holding is an electricity and gas grid manager based in the Netherlands.
| Issuer: | Stedin Holding NV
|
| Amount: | €500 million
|
| Issue: | Green senior notes
|
| Maturity: | June 3, 2030
|
| Bookrunners: | Cooperatieve Rabobank UA, BNP Paribas, ABN Amro and NatWest Markets
|
| Coupon: | 2.375%
|
| Price: | 99.318
|
| Yield: | 2.47%
|
| Spread: | Mid-swaps plus 90 bps
|
| Call features: | Make-whole call at Bunds plus 25 bps until three months before maturity when there is a par call
|
| Trade date: | May 24
|
| Settlement date: | June 3
|
| Rating: | S&P: A-
|
| Distribution: | Regulation S
|
| ISIN: | XS2487016250
|
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