By Susanna Moon
Chicago, April 8 Latvenergo AS priced another 25 million of 1.9% notes (Baa2) due June 10, 2022 on Thursday for a final yield to maturity of 1.3107%.
The initial yield to maturity range was established from an interpolated interest rate swap plus 130 basis points to 155 bps, but the spread was dropped to 120 bps to 145 bps based on investor interest, according to a company press release.
The interpolated interest rate swap is derived from a six-year interest rate swap and a seven-year interest rate swap, fixed at 0.1107%, the release noted.
The total amount of the submitted purchase orders had reached 146.1 million, which was 5.8 times more than the planned issue amount. The purchase orders were received from 21 investors.
The notes were placed as a second tranche of green bonds under the first note series.
Latvenergo priced the original 75 million of 1.9% notes due June 10, 2022 on June 3, 2015.
In May 2015, the company announced plans to issue up to 100 million of green bonds to be listed on the Nasdaq OMX Baltic Bond List.
Proceeds will be used for financing green-minded projects, the release said.
Latvenergo is the largest power supply merchant in Riga, Latvia.
| Issuer: | Latvenergo AS
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| Issue: | Notes add-on
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| Amount: | 25 million
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| Maturity: | June 10, 2022
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| Coupon: | 1.9%
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| Price: | 1,050.658
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| Yield: | 1.3107%
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| Arranger: | SEB Banka as
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| Original pricing date: | April 5
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| Settlement date: | April 14
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| Rating: | Moodys: Baa2
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| Total issue amount: | 100 million, including 75 million priced on June 3, 2015
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