By Rebecca Melvin
New York, April 27 – Energo-Pro a.s. priced €250 million of 4½% six-year notes (expected ratings: BB-/BB) on Friday at par, according to a syndicate source.
Pricing came at the tight end of guidance for a yield of 4½% to 4¾%.
The notes are non-callable for three years. The notes are callable in 2021 at 101.25, in 2022 at 101.125 and in 2023 and thereafter at par.
Guarantors of the notes are Energo-Pro Georgia Generation JSC, Energo-Pro Georgia JSC, Energo-Pro Varna EAD and Resadiye Hamzali Elektrik Uretim San.ve Tic. AS
BNP Paribas, Citigroup and JPMorgan are bookrunners of the Regulation S-only deal.
The proceeds will be used to refinance existing debt at the operating levels.
Energo-Pro is a Prague, Czech Republic-based power generation and distribution company operating in the Czech Republic, Bulgaria, Georgia, Turkey and Armenia.
| Issuer: | Energo-Pro a.s.
|
| Issue: | Notes
|
| Amount: | €250 million
|
| Maturity: | May 4, 2024
|
| Bookrunners: | BNP Paribas, Citigroup and JPMorgan
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Calls: | Non-callable for three years, then callable at 101.25 in 2021, at 101.125 in 2022 and at par in 2023 and thereafter
|
| Pricing date: | April 27
|
| Settlement date: | May 4
|
| Ratings: | S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4½%-4¾%
|
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