Chicago, Aug. 5 – Segro plc as venture adviser priced a €750 million 3.75% senior green bond issue (Baa2//BBB+) for the Segro European Logistics Partnership (SELP) joint venture, according to a press release and additional information from a market source.
The issuer is SELP Finance Sarl.
The bond has a five-year tenor and priced at 245 basis points over mid-swaps. Initial price talk was in the 275 bps area.
Pricing was at 99.848 to yield 3.784%.
The order book at peak totaled about €2.5 billion.
There will be an optional make-whole call followed by a par call three months before the maturity date.
Bank of China, BNP Paribas, NatWest Markets and Santander were the bookrunners with BNP handling billing and delivery.
Proceeds from the Regulation S issue will initially be used to refinance existing non-green €500 million bonds expiring in 2023, which are subject to an ongoing tender offer.
Segro stated that in due course the proceeds will be allocated to financing and/or refinancing eligible green projects as outlined in its green finance framework, including the continued development program, as well as providing funding for general corporate purposes.
Segro is a London-based real estate investment trust.
| Issuer: | SELP Finance Sarl
|
| Guarantor: | Segro European Logistics Partnership Sarl
|
| Amount: | €750 million
|
| Issue: | Green notes
|
| Maturity: | Aug. 10, 2027
|
| Bookrunners: | Bank of China, BNP Paribas, NatWest Markets and Santander
|
| Coupon: | 3.75%
|
| Price: | 99.848
|
| Yield: | 3.784%
|
| Spread: | Mid-swaps plus 245 bps
|
| Call features: | Make-whole call with three-month par call
|
| Change of control: | Yes
|
| Trade date: | Aug. 3
|
| Settlement date: | Aug. 10
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 275 bps area
|
| ISIN: | XS2511906310
|
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