By Aleesia Forni
Virginia Beach, Jan. 14 - Electricite de France SA priced $1.5 billion of 5.625% perpetual subordinated notes (A3/BBB+/-) in Tuesday's session with a spread of Treasuries plus 288.1 basis points, according to a market source.
Pricing was at 99.059 to yield 5.75%.
The sale was done under Rule 144A and Regulation S.
The notes will be non-callable for 10 years.
Citigroup Global Markets Inc., Credit Suisse Securities and Societe Generale CIB were the global coordinators.
BofA Merrill Lynch, Barclays, HSBC Securities, Mitsubishi and Nomura were the bookrunners.
The provider of retirement, investment and insurance products is based in New York City.
The main electricity generation and distribution company in France is based in Paris.
| Issuer: | Electricite de France SA
|
| Securities: | Perpetual subordinated hybrid notes
|
| Amount: | $1.5 billion
|
| Maturity: | Perpetual
|
| Global coordinators: | Citigroup Global Markets Inc., Credit Suisse Securities, Societe Generale CIB
|
| Bookrunners: | BofA Merrill Lynch, Barclays, HSBC Securities, Mitsubishi, Nomura
|
| Coupon: | 5.625%
|
| Price: | 99.059
|
| Yield: | 5.75%
|
| Spread: | Treasuries plus 288.1 bps, or mid-swaps plus 279.1 bps
|
| Distribution: | Rule 144A, Regulation S
|
| First call: | Jan. 22, 2024
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 22
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
| Yield talk: | 5.875%
|
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