EM-focused NEPI Rockcastle to price euro-denominated green notes maturing in eight or 10 years

By Rebecca Melvin

Concord, N.H., Jan. 11 – NEPI Rockcastle plc (BBB/BBB) plans to sell a euro-denominated benchmark offering of green notes with an eight- or 10-year term, according to a syndicate source and additional details from a company news release.

Citigroup, ING, JPMorgan, Societe Generale and UniCredit are joint bookrunners arranging a global investor call on Tuesday and a series of fixed-income investor calls commencing thereafter.

A Regulation S senior unsecured benchmark green bond offering may follow subject to market conditions. The new issue is pricing under the €4 billion guaranteed euro medium-term note program of NE Property BV guaranteed by NEPI Rockcastle.

Proceeds of the new notes will be used to refinance a portfolio of eligible green projects in line with the group's green finance framework.

Concurrently with the new issue, NE Property announced on Monday an invitation to purchase for cash any and all of its outstanding €500 million 2 5/8% notes due May 22, 2023. The existing notes (ISIN: XS1996435928) are guaranteed by NEPI Rockcastle and subject to successful completion of the new issue.

The tender expiration deadline is set for Jan. 17. A holder that has validly tendered, or indicated its firm intention to tender, may receive priority in the allocation of the new notes.

The owner and operator of commercial real estate in Central and Eastern Europe is based in the United Kingdom.

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