By Rebecca Melvin
Concord, N.H., June 8 – Enel Finance International NV sold a three-part euro-denominated offering of sustainability-linked notes due 2027, 2030 and 2036 (Baa1/BBB+/A-), according to a market source.
ENEL SpA is guarantor of the notes.
A €1 billion tranche of notes due June 17, 2027 priced with a 0% coupon at 98.909 to yield 0.183%, or a spread over mid-swaps of 38 basis points.
A €1.25 billion tranche of notes due June 17, 2030 priced with a 0.5% coupon at 99.728 to yield 0.531%, or a spread over mid-swaps of 50 bps.
And a €1 billion tranche of notes due June 17, 2036 priced with a 0.875% coupon at 98.061 to yield 1.015% or a spread over mid-swaps of 65 bps.
The notes have step-up margin events tied to direct green-house gas emission levels. Each note steps up by 25 bps if the first target is not achieved by Dec. 31, 2023 and the second target is not achieved by Dec. 31, 2030.
Proceeds are for general corporate purposes.
Banca Akros, BBVA, BNP Paribas, Credit Agricole CIB, CaixaBank, Deutsche Bank, Goldman Sachs, IMI-Intesa Sanpaolo, ING, J.P. Morgan, Mediobanca, Natixix, Santander, Societe Generale and UniCredit are the bookrunners.
The multinational company provides is an integrated operator in the global power, gas and renewables markets.
| Issuer: | Enel Finance International NV
|
| Guarantor: | Enel SpA
|
| Issue: | Sustainability-linked notes
|
| Amount: | €3.25 billion
|
| Bookrunners: | Banca Akros, BBVA, BNP Paribas, Credit Agricole CIB, CaixaBank, Deutsche Bank, Goldman Sachs, IMI-Intesa Sanpaolo, ING, J.P. Morgan, Mediobanca, Natixix, Santander, Societe Generale and UniCredit
|
| Margin steps ups: | 25 bps
|
| Margin step up events: | Dec. 31, 2023 and 2030
|
| Trade date: | June 8
|
| Settlement: | June 17
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB+
|
| Fitch: A-
|
|
|
| 2027 notes
|
| Amount: €1 billion
|
| Maturity: | June 17, 2027
|
| Coupon: | 0%
|
| Price: | 98.909
|
| Yield: | 0.183%
|
| Spread: | Mid-swaps plus 38 bps
|
|
|
| 2030 notes
|
| Amount: | €1.25 billion
|
| Maturity: | June 17, 2030
|
| Coupon: | 0.5%
|
| Price: | 99.728
|
| Yield: | 0.531%
|
| Spread: | Mid-swaps plus 50 bps
|
|
|
| 2036 notes
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| Amount: | €1 billion
|
| Maturity: | June 17, 2036
|
| Coupon: | 0.875%
|
| Price: | 98.061
|
| Yield: | 1.015%
|
| Spread: | Mid-swaps plus 65 bps
|
|
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