Senvion talks €400 million green bonds in 4% area, pricing Thursday

By Paul A. Harris

Portland, Ore., April 27 – Senvion Holding GmbH talked its €400 million offering of 5.5-year senior secured green bonds (B2/B+) to yield in the 4% area, according to a market source.

The books were scheduled to close at 10 a.m. ET Thursday and the deal was expected to price later in the day.

Joint global coordinator and joint physical bookrunner Deutsche Bank will bill and deliver for the Rule 144A and Regulation S for life offering. JPMorgan is also a joint global coordinator and joint physical bookrunner.

BNP Paribas and Credit Agricole CIB are joint global coordinators and joint bookrunners.

BayernLB, Citigroup, Natixis, RBI, RBC, Santander and SEB are joint bookrunners.

The notes become callable after two years at par plus 50% of the coupon.

A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The notes also feature a two-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Hamburg, Germany-based wind turbine company plans to use the proceeds to redeem its 6 5/8% senior secured notes due 2020.

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