Published on 9/12/2018 in the Prospect News Investment Grade Daily.
New Issue: Enel Finance prices $4 billion of senior notes in three tranches
By Cristal Cody
Tupelo, Miss., Sept. 12 – Enel Finance International NV priced $4 billion of senior notes (Baa2/BBB+/BBB+) in a Rule 144A- and Regulation S-eligible offering on Tuesday, according to a market source.
A $1.25 billion tranche of 4.25% five-year notes was sold with a spread of 140 basis points over Treasuries.
Enel priced a $1.5 billion offering of 4.625% seven-year notes at a Treasuries plus 180 bps spread.
The final $1.25 billion tranche of 4.875% notes due June 14, 2029 priced at a spread of 200 bps over Treasuries.
The notes all priced on the tight side of guidance.
The company held fixed income investor calls on Monday for the offering.
BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, NatWest Markets and SMBC Nikko Securities America, Inc. were the lead managers.
Enel Finance is a financing arm of Rome-based electricity and gas manufacturer and distributor Enel SpA.
| Issuer: | Enel Finance International NV
|
| Amount: | $4 billion
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, NatWest Markets and SMBC Nikko Securities America, Inc.
|
| Trade date: | Sept. 11
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Five-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Sept. 14, 2023
|
| Coupon: | 4.25%
|
| Spread: | Treasuries plus 140 bps
|
| Price guidance: | Treasuries plus 145 bps area, plus or minus 5 bps; initial price talk at Treasuries plus 160 bps area
|
|
|
| Seven-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Sept. 14, 2025
|
| Coupon: | 4.625%
|
| Spread: | Treasuries plus 180 bps
|
| Price guidance: | Treasuries plus 185 bps area, plus or minus 5 bps; initial price talk at Treasuries plus 195 bps area
|
|
|
| 11-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | June 14, 2029
|
| Coupon: | 4.875%
|
| Spread: | Treasuries plus 200 bps
|
| Price guidance: | Treasuries plus 205 bps area, plus or minus 5 bps; initial price talk at Treasuries plus 215 bps area
|
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