Published on 9/5/2013 in the Prospect News High Yield Daily.
New Issue: EDP Finance prices €750 million 4 7/8% seven-year notes to yield 5%
By Paul A. Harris
Portland, Ore., Sept. 5 - Portuguese energy company EDP Finance BV priced a €750 million issue of 4 7/8% seven-year senior notes (Ba1/BB+/BBB-) at 99.276 to yield 5% on Thursday, according to a market source.
The yield printed at the tight end of the 5% to 5 1/8% revised yield talk. Earlier talk was 5 1/8% to 5¼%.
Banco Espirito Santo, BPI Group, Citigroup, ING, MBCP, Royal Bank of Scotland, Santander and SG CIB managed the sale. Royal Bank of Scotland will bill and deliver.
The issuer is a subsidiary of Lisbon-based electricity and gas company Energias de Portugal, SA.
Issuer: | EDP Finance BV
|
Amount: | €750 million
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Maturity: | Sept. 14, 2020
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Securities: | Senior notes
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Bookrunners: | Banco Espirito Santo, BPI Group, Citigroup, ING, MBCP, Royal Bank of Scotland, Santander, SG CIB
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Bill and deliver: | Royal Bank of Scotland
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Coupon: | 4 7/8%
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Price: | 99.276
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Yield: | 5%
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Spread: | 355.8 bps
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Call protection: | Non-callable
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Trade date: | Sept. 5
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Settlement date: | Sept. 12
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Ratings: | Moody's: Ba1
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| Standard & Poor's: BB+
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| Fitch: BBB-
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Price talk: | 5% to 5 1/8%, revised from 5 1/8% to 5¼%
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