By Colin Hanner
Chicago, May 3 – Saudi Arabia’s ACWA Power Management and Investments One Ltd. priced $600 million 5.95% senior secured bonds due 2039 at par on Wednesday, a market source said.
Final price guidance tightened to 5.95% from 6% to 6 1/8%, a market source said. Prior to that, guidance was in the 6¼% area.
The deal was 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.
| Issuer: | ACWA Power Management and Investments One Ltd.
|
| Description: | Senior secured bonds
|
| Amount: | $600 million
|
| Maturity: | 2039
|
| Bookrunners: | Citi, Jefferies, CCB Singapore, Mizuho, NCB Capital and Standard Chartered Bank
|
| Coupon: | 5.95%
|
| Price: | Par
|
| Yield: | 5.95%
|
| Trade date: | May 3
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5.95%, tightened from 6% to 6 1/8% and the 6¼% area
|
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