ACWA Power offers $600 million 22-year notes at 6%-6 1/8% yield

By Colin Hanner

Chicago, May 2 – Saudi Arabia’s ACWA Power Management and Investments One Ltd. is expected to price a $600 million senior secured bond due 2039 on Wednesday, a market source said.

Initial price guidance was in the 6¼% area and was later revised to 6% to 6 1/8%, the market source said.

The deal is oversubscribed at $1.5 billion.

The notes have an assumed rating of Baa3 from Moody’s Investors Service and a BBB- rating from S&P Global Ratings.

Citi and Jefferies are global coordinators and bookrunners for the Rule 144A and Regulation S deal. CCB Singapore, Mizuho, NCB Capital and Standard Chartered Bank are also bookrunners for the deal.

ACWA Power is a Riyadh-based company that provides electricity and desalination services.

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