By Rebecca Melvin
Concord, N.H., Nov. 12 – Hungary’s MVM Energetika Zartkoruen Mukodo Reszvenytarsasag priced €500 million 7/8% six-year senior notes at 98.832 to yield 1.077%, or a spread over mid-swaps of 110 basis points, according to a market source.
The notes (expected ratings: /BBB-/BBB) were expected to have a maturity of six or seven years.
The notes have a make-whole call, tax and clean-up calls and a three-month par call. They are putable upon a change of control.
BNP Paribas and JPMorgan are joint global coordinators and bookrunners, and Erste Group, Goldman Sachs Bank Europe SE, OTP Bank and UniCredit are joint bookrunners of the benchmark-sized Regulation S deal, which was the company’s first offering in the international bond market.
The vertically integrated energy group is 100% state-owned by Hungary.
| Issuer: | MVM Energetika Zarkoruen Mukodo Reszvenytarsasag
|
| Issue: | Senior notes
|
| Amount: | €500 million
|
| Maturity: | Nov. 18, 2027
|
| Bookrunners: | BNP Paribas, JPMorgan, Erste Group, Goldman Sachs Bank Europe SE, OTP Bank and UniCredit
|
| Coupon: | 7/8%
|
| Price: | 98.832
|
| Yield: | 1.077%
|
| Spread: | Mid-swaps plus 110 bps
|
| Call features: | Make-whole call, tax call, clean-up call and three-month par call
|
| Puts | Upon a change of control
|
| Trade date: | Nov. 10
|
| Settlement date: | Nov. 18
|
| Ratings: | S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
| Talk | Duration of six or seven years
|
| ISIN: | XS2407028435
|
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