Chicago, Sept. 27 – EDP Servicios Financieros Espana, SAU priced a €1.35 billion offering of green notes in two parts (Baa2/BBB/BBB) on Wednesday, according to a sellside source.
The notes benefit from a keepwell agreement from parent EDP – Energias de Portugal SA.
A €600 million tranche of 4.125% notes due April 4, 2029 priced at 99.185 to yield 4.299%, or at mid-swaps plus 90 basis points. Price talk was 20 bps higher, in the mid-swaps plus 110 bps area.
A second tranche for €750 million priced with a 4.375% coupon at 99.06 to yield 4.514%, or at mid-swaps plus 115 bps. The maturity date is April 4, 2032. Initial talk was in the mid-swaps plus 140 bps area.
There are make-whole call provisions for each bond, at Bunds plus 25 bps for the notes due 2029 and at Bunds plus 30 bps for the bonds due 2032. The bonds also come with three-month par call options before their respective maturity dates.
UniCredit handled billing and delivery. J.P. Morgan SE worked with UniCredit as a global coordinator.
The joint bookrunners also included CaixaBank, CaixaBI, Citi, ICBC, ING Bank NV, Mizuho, Natixis, SMBC, Standard Chartered Bank AG and Wells Fargo Securities.
Proceeds will be used to finance or refinance an eligible green asset portfolio.
EDP is a Portuguese electric utilities company based in Lisbon. The issuer is a Spain-based subsidiary.
| Issuer: | EDP Servicios Financieros Espana, SAU
|
| Keepwell provider: | EDP – Energias de Portugal SA
|
| Amount: | €1.35 billion
|
| Issue: | Green notes
|
| Bookrunners: | UniCredit (billing and delivery), J.P. Morgan SE (global coordinators), CaixaBank, CaixaBI, Citi, ICBC, ING Bank NV, Mizuho, Natixis, SMBC, Standard Chartered Bank AG and Wells Fargo Securities
|
| ESG structurer: | ING Bank NV
|
| Trade date: | Sept. 27
|
| Settlement date: | Oct. 4
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
|
|
| 5.5-year notes
|
| Amount: | €600 million
|
| Maturity: | April 4, 2029
|
| Coupon: | 4.125%
|
| Price: | 99.185
|
| Yield: | 4.299%
|
| Spread: | Mid-swaps plus 90 bps
|
| Call features: | Make-whole call at Bunds plus 25 bps; three-month par call
|
| Change of control: | Yes
|
| Price talk: | Mid-swaps plus 110 bps area
|
| ISIN: | XS2699159278
|
|
|
| 8.5-year notes
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| Amount: | €750 million
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| Maturity: | April 4, 2032
|
| Coupon: | 4.375%
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| Price: | 99.06
|
| Yield: | 4.514%
|
| Spread: | Mid-swaps plus 115 bps
|
| Call features: | Make-whole call at Bunds plus 30 bps; three-month par call
|
| Change of control: | Yes
|
| Price talk: | Mid-swaps plus 140 bps area
|
| ISIN: | XS2699159351
|
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