By Paul A. Harris
Portland, Ore., April 27 – Senvion Holding GmbH priced a €400 million issue of 5.5-year senior secured fixed-rate green bonds (B2/B+) at par to yield 3 7/8% on Thursday, according to market sources.
The yield printed at the tight end of yield talk that had been set in the 4% area.
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 101.938. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.
The Hamburg, Germany-based wind turbine company plans to use the proceeds to redeem its 6 5/8% senior secured notes due 2020.
| Issuer: | Senvion Holding GmbH
|
| Amount: | €400 million
|
| Maturity: | Oct. 25, 2022
|
| Securities: | Senior secured fixed-rate notes (Green bonds)
|
| Joint global coordinators and joint physical bookrunners: | Deutsche Bank (bill and deliver), JPMorgan
|
| Joint global coordinators and joint bookrunners: | BNP Paribas, Credit Agricole
|
| Joint bookrunners: | BayernLB, Citigroup, Natixis, RBI, RBC, Santander, SEB
|
| Coupon: | 3 7/8%
|
| Price: | Par
|
| Yield: | 3 7/8%
|
| Call: | Callable after two years at 101.938
|
| Special call: | Issuer may redeem 10% of the notes annually at 103 during the non-call period
|
| Equity clawback: | 40% at 103.875 for two years
|
| Trade date: | April 27
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4% area
|
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