By Cristal Cody
Tupelo, Miss., Oct. 3 – Enel Finance International NV priced $3 billion of senior notes (Baa2/BBB/BBB+) in three tranches on Tuesday in a Rule 144A and Regulation S offering, a market source said.
The company sold $1.25 billion of 2.75% notes due April 6, 2023 at a spread of Treasuries plus 90 basis points.
Enel priced $1.25 billion of 3.5% notes due April 6, 2028 at a Treasuries plus 132 bps spread.
The company also priced a $500 million add-on to its 4.75% bonds due May 25, 2047 at a spread of Treasuries plus 147 bps. The total outstanding now is $1.5 billion.
All three tranches priced on the tight side of guidance.
The bookrunners on the deal were BofA Merrill Lynch, Barclays, BBVA Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG, NatWest Markets and Santander Investment Securities Inc.
The company held fixed income investor calls on Monday ahead of the offering.
Enel Finance is a financing arm of Rome-based electricity and gas manufacturer and distributor Enel SpA.
| Issuer: | Enel Finance International NV
|
| Amount: | $3 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, BBVA Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG, NatWest Markets and Santander Investment Securities Inc.
|
| Trade date: | Oct. 3
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB+
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Six-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | April 6, 2023
|
| Coupon: | 2.75%
|
| Spread: | Treasuries plus 90 bps
|
| Price guidance: | Treasuries plus 93 bps area
|
|
|
| Notes due 2028
|
| Amount: | $1.25 billion
|
| Maturity: | April 6, 2028
|
| Coupon: | 3.5%
|
| Spread: | Treasuries plus 132 bps
|
| Price guidance: | Treasuries plus 135 bps area
|
|
|
| Notes due 2047
|
| Amount: | $500 million reopening
|
| Maturity: | May 25, 2047
|
| Coupon: | 4.75%
|
| Spread: | Treasuries plus 147 bps
|
| Price guidance: | Treasuries plus 150 bps area
|
| Total outstanding: | $1.5 billion
|
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