Chicago, Sept. 6 – Enel Finance International NV priced €1 billion of 3.875% sustainability-linked bonds due 2029 (Baa1/BBB+/BBB+) on Tuesday, according to a sellside source.
The notes priced at 99.63 to yield 3.944%. Spread pricing came at 157 basis points over mid-swaps after initial talk in the 175 bps area that was revised to the 160 bps area during pricing. Alternatively, the spread priced at 254.8 bps over Bunds.
The notes are guaranteed by Enel SpA.
BNP Paribas, BPER, Commerzbank, Goldman Sachs (billing and delivery), IMI-Intesa Sanpaolo, JPMorgan, Mediobanca, Morgan Stanley and Unicredit were bookrunners for the Regulation S deal.
The interest rate will potentially step up 25 bps if direct GHG emissions on Dec. 31, 2024 are above 140g/kWheq.
Demand for the notes was over €2.1 billion.
Proceeds will be used for general corporate purposes.
The multinational company is an integrated operator in the global power, gas and renewables markets.
| Issuer: | Enel Finance International NV
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| Guarantor: | Enel SpA
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| Amount: | €1 billion
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| Issue: | Sustainability-linked bonds
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| Maturity: | March 9, 2029
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| Bookrunners: | BNP Paribas, BPER, Commerzbank, Goldman Sachs (billing and delivery), IMI-Intesa Sanpaolo, JPMorgan, Mediobanca, Morgan Stanley and Unicredit
|
| Second opinion: | Vigeo Eiris
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| Coupon: | 3.875%
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| Price: | 99.63
|
| Yield: | 3.944%
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| Spread: | Mid-swaps plus 157 bps, or Bunds plus 254.8 bps
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| Call features: | Make-whole call at Bunds plus 40 bps, followed by a three-month par call
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| Trade date: | Sept. 6
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| Settlement date: | Sept. 9
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: BBB+
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| Distribution: | Regulation S
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| Price talk: | Initial price talk of mid-swaps plus 175 bps area; guided to 160 bps area
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| ISIN: | XS2531420656
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