By Rebecca Melvin
New York, Feb. 12 – Energias de Portugal SA priced €750 million of 1.7% 60-year subordinated green hybrid notes (Ba2/BB/BB) at 99.744 to yield 1¾%, or a spread over mid-swaps of 184.4 basis points, according to a market source.
The notes are non-callable for 5.5 years until June 20, 2025, when they have a rate reset. The rate will be reset every five years. On July 20, 2030, the step up is 20 bps.
There is also a change-of-control step up of 500 bps
Joint lead managers for the Regulation S deal, which priced Jan. 13, were BNP Paribas (structuring bank), Banca IMI, CaixaBank, Mediobanca, Millennium BCP, MUFG, NatWest Markets, Santander and UniCredit. Liberbank was a co-lead.
The proceeds will be used to finance EDP’s eligible green project portfolio.
The utilities company is based in Lisbon, Portugal.
| Issuer: | Energias de Portugal SA
|
| Issue: | Subordinated green hybrid
|
| Amount: | €750 million
|
| Maturity: | July 20, 2080
|
| Joint lead managers: | BNP Paribas (structuring bank), Banca IMI, CaixaBank, Mediobanca, Millennium BCP, MUFG, NatWest Markets, Santander and UniCredit
|
| Co-lead: | Liberbank
|
| Coupon: | 1.7%
|
| Price: | 99.744
|
| Yield: | 1¾%
|
| Spread: | Mid-swaps plus 184.4 bps
|
| Calls: | Non-callable for 5.5 years until July 20, 2025
|
| First-step up: | 20 bps on July 20, 2030
|
| Change of control: | 500 bps step up
|
| Pricing date: | Jan. 13
|
| Settlement date: | Jan. 20
|
| Distribution: | Regulation S
|
| Ratings: | Moody’s: Ba2
|
| S&P’s: BB
|
| Fitch: BB
|
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