Chicago, Oct. 24 – Sudzucker International Finance BV priced a debut €400 million sustainability bond (BBB-) on Monday, according to a market source.
The five-year bonds priced with a 5.125% coupon at 99.471 to yield 5.248%, or at mid-swaps plus 220 basis points.
Initial price talk was in the mid-swaps plus 237.5 bps to 250 bps area. The notes were guided into the mid-swaps plus 225 bps area.
Final book size went above €890 million.
The bonds will be guaranteed by Sudzucker AG (Baa3/BBB-).
A roadshow started last Wednesday for the Regulation S deal, which was expected to be between €300 million and €500 million.
BNP Paribas, Deutsche Bank, DZ Bank AG, Landesbank Baden-Wurttemberg and UniCredit are the joint bookrunners. UniCredit is coordinating logistics.
In terms of the sustainable key performance indicators, they will be tied to greenhouse gas emissions reductions.
Proceeds will be used for general corporate purposes, including the refinancing of a €300 million bond maturing November 2023.
The Mannheim, Germany-based issuer is a provider of plant-based solutions for food, animal feed and energy industries. The company is the largest sugar producer in the world.
| Issuer: | Sudzucker International Finance BV
|
| Guarantor: | Sudzucker AG
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| Amount: | €400 million
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| Issue: | Sustainability-linked bonds
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| Maturity: | Oct. 31, 2027
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| Bookrunners: | BNP Paribas, Deutsche Bank, DZ Bank AG, Landesbank Baden-Wurttemberg and UniCredit
|
| ESG coordinator: | Deutsche Bank
|
| Second party opinion: | S&P Global Ratings
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| Coupon: | 5.125%
|
| Price: | 99.471
|
| Yield: | 5.248%
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| Spread: | Mid-swaps plus 220 bps
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| Call features: | Make-whole call with a three-month par call
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| Change of control: | Yes
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| Trade date: | Oct. 24
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| Settlement date: | Oct. 31
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| Rating: | S&P: BBB-
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 237.5 bps to 250 bps area
|
| Marketing: | Roadshow
|
| ISIN: | XS2550868801
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