By Devika Patel and Cristal Cody
Knoxville, Tenn., Nov. 9 – Yara International ASA’s debut $600 million issue of 7.378% 10-year green notes (Baa2/BBB) priced Tuesday with a 325 basis point spread over Treasuries, according to additional details of the issuance from a market source.
The notes were marketed with initial price talk in the Treasuries plus 362.5 bps area.
The company held investment calls in September for the Rule 144A and Regulation S deal.
Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc. and SG Americas Securities LLC were the bookrunners.
Proceeds will be used for to finance or refinance one or more new or existing green investments or assets.
The Norwegian chemical company is based in Oslo.
| Issuer: | Yara International ASA
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| Amount: | $600 million
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| Issue: | Green notes
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| Maturity: | Nov. 14, 2032
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| Bookrunners: | Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc. and SG Americas Securities LLC
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| Coupon: | 7.378%
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| Spread: | Treasuries plus 325 bps
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| Trade date: | Nov. 8
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
|
| Distribution: | Rule 144A and Regulation S
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| Initial talk: | Treasuries plus 362.5 bps area
|
| Marketing: | Fixed-income investor calls
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