Chicago, June 2 – Statkraft AS priced €500 million of 3.5% green bonds with a 10-year tenor (A/A-) on Friday, according to a press release and more information from a source.
The bonds priced at 99.591 to yield 3.558%, or at mid-swaps plus 63 basis points. Initial price talk was in the mid-swaps plus 95 bps area. Guidance came down during pricing to mid-swaps plus the 65 bps area, give or take 2 bps.
The issuer may call the bonds early with a Bunds plus 20 bps make-whole premium, then the bonds are callable at par for the final three months.
Barclays, BNP Paribas (billing and delivery), SEB and SMBC were joint bookrunners.
The order book went over €2.3 billion. The size was set before pricing.
Proceeds will be used for eligible green projects.
The hydropower company is based in Oslo.
| Issuer: | Statkraft AS
|
| Amount: | €500 million
|
| Issue: | Green bonds
|
| Maturity: | June 9, 2033
|
| Bookrunners: | Barclays, BNP Paribas (billing and delivery), SEB and SMBC
|
| Coupon: | 3.5%
|
| Price: | 99.591
|
| Yield: | 3.558%
|
| Spread: | Mid-swaps plus 63 bps
|
| Call features: | Make-whole call at Bunds plus 20 bps; three-month par call
|
| Change of control: | At par
|
| Trade date: | June 2
|
| Settlement date: | June 9
|
| Ratings: | S&P: A
|
| Fitch: A-
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 95 bps area
|
| ISIN: | XS2631822868
|
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