Chicago, May 27 – Wabtec Transportation Netherlands BV sold €500 million of 1.25% senior green notes due Dec. 3, 2027 (Ba1/BBB-/BBB-) at 99.267 on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes sold with a spread of 180.2 basis points over the Bund due Nov. 15, 2027, or mid-swaps plus 150 bps.
The notes are guaranteed by Westinghouse Air Brake Technologies Corp.
The notes have a make-whole call with a comparable government bond rate plus 30 bps then a par call after Oct. 3, 2027.
If there is a change-of-control event, the issuer will offer to repurchase the notes at 101.
Joint bookrunners are BNP Paribas, Goldman Sachs & Co. LLC, HSBC Continental Europe, BofA Securities Europe SA, Citigroup Global Markets Europe AG, Credit Agricole CIB, J.P. Morgan AG and Societe Generale.
BNP Paribas is the green structuring agent.
The notes will be listed on Euronext Dublin.
Proceeds will be used to finance or refinance one or more eligible green projects.
Wabtec is a Pittsburgh-based provider of products and services for rail and other industrial markets. The listed issuer is an indirect wholly owned holding company.
| Issuer: | Wabtec Transportation Netherlands BV
|
| Guarantor: | Westinghouse Air Brake Technologies Corp.
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| Issue: | Senior green notes
|
| Amount: | €500 million
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| Maturity: | Dec. 3, 2027
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| Bookrunners: | BNP Paribas (stabilization), Goldman Sachs & Co. LLC, HSBC Continental Europe, BofA Securities Europe SA, Citigroup Global Markets Europe AG, Credit Agricole CIB, J.P. Morgan AG and Societe Generale
|
| Senior co-managers: | MUFG Securities (Europe) NV, PNC Capital Markets LLC, Scotiabank Europe plc, TD Securities, Truist Securities, Inc. and U.S. Bancorp Investments, Inc.
|
| Co-managers: | Citizens Capital Markets, Inc., Huntington Securities, Inc., Morgan Stanley Europe SE and Wells Fargo Securities Europe SA
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| Coupon: | 1.25%
|
| Price: | 99.267
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| Yield: | 1.369%
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| Spread: | Bund plus 180.2 bps, mid-swaps plus 150 bps
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| Call features: | Make-whole call at comparable government bond rate plus 30 bps; after Oct. 3, 2027 at par
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| Change of control: | At 101
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| Trade date: | May 27
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| Settlement date: | June 3
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| Ratings: | Moody’s: Ba2
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
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