Published on 4/8/2014 in the Prospect News High Yield Daily.
New Issue: Portugal's EDP prices €650 million 2 5/8% five-year notes mid-swaps plus 183 bps
By Paul A. Harris
Portland, Ore., April 8 - Energias de Portugal, SA (EDP) launched and priced a €650 million issue of five-year senior notes (Ba1/BB+/BBB-) at a 183 basis points spread to mid-swaps on Tuesday, according a market source.
The spread came at the tight end of the final 185 bps spread talk. The deal was initially guided at 190 bps.
BNP Paribas, CaixaBank, CaixaBI, Citigroup, Deutsche Bank, HSBC, ING and Millennium BCP are the joint bookrunners.
HSBC will bill and deliver.
The issuer is a Lisbon-based electricity producer.
Issuer: | Energias de Portugal, SA (EDP)
|
Amount: | €650 million
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Maturity: | April 15, 2019
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Securities: | Senior notes
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Bill and deliver: | HSBC
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Joint bookrunners: | BNP Paribas, CaixaBank, CaixaBI, Citigroup, Deutsche Bank, HSBC, ING, Millennium BCP
|
Coupon: | 2 5/8%
|
Price: | 99.272
|
Yield: | 2.783%
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Spread: | 183 bps over mid-swaps
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Price talk: | Mid-swaps plus 185 bps, revised from 190 bps
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Trade date: | April 8
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Settlement date: | April 15
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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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Marketing: | Quick to market
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