By Rebecca Melvin
New York, July 3 – State-owned Lithuanian utility Lietuvos Energija UAB launched and priced €300 million 1 7/8% 10-year green bonds (expected rating: BBB+) on Tuesday at 98.2909 to yield 2.066%, or a spread of mid-swaps plus 120 basis points, according to a syndicate source.
Pricing guidance was revised twice from mid-swaps plus 120 bps to 125 bps and from 125 bps to 130 bps, when the order books were about €1.2 billion and €900 million, respectively. Initial price talk was for yield at mid-swaps plus 140 bps.
The tenor on the senior unsecured bond had been talked initially between seven and 12 years.
BNP Paribas, JPMorgan and SEB are joint lead managers and joint bookrunners of the Regulation S-only deal.
Proceeds will be allocated to eligible green projects as defined by the Green Bond Network.
The Vilnius-based company’s bond is its second green bond and is being issued off of its euro medium-term notes program.
| Issuer: | Lietuvos Energija UAB
|
| Amount: | €300 million
|
| Maturity: | July 10, 2028
|
| Description: | Senior green bonds
|
| Bookrunners: | BNP Paribas, JPMorgan and SEB
|
| Coupon: | 1 7/8%
|
| Price: | 98.2909
|
| Yield: | 2.066%
|
| Spread: | Mid-swaps plus 120 bps
|
| Trade date: | July 3
|
| Settlement date: | July 10
|
| Rating: | S&P: BBB+
|
| Distribution: | Regulation S
|
| Price talk: | Guided to mid-swaps plus 120-125 bps and plus 125-130 bps, and tightened from initial talk of mid-swaps plus 140 bps
|
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