By Rebecca Melvin
New York, June 7 – Enel Chile SA priced $1 billion of 4 7/8% notes due 2028 (expected ratings: Baa2/BBB+) on Thursday at 98.824 for a yield of 5.026%, or spread of 210 basis points over U.S. Treasuries, according to a pricing term sheet filed with the Securities and Exchange Commission.
BBVA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Santander Investment Securities Inc. and Scotiabank are joint bookrunning managers of the deal.
The notes are freely callable at par plus a make-whole amount of Treasuries plus 35 bps until three months before maturity when they become callable at par.
Proceeds will be used to refinance outstanding borrowings under its credit agreement, which was used to fund the cash portion of a 2018 reorganization, and for general corporate purposes.
Enel Chile is power generation and distribution company that is 61.9% owned by Italy’s Enel SpA.
| Issuer: | Enel Chile SA
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Maturity: | June 12, 2028
|
| Bookrunners: | BBVA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Santander Investment Securities Inc. and Scotiabank
|
| Coupon: | 4 7/8%
|
| Price: | 98.824
|
| Yield: | 5.026%
|
| Spread: | Treasuries plus 210 bps
|
| Call: | Make-whole call at Treasuries plus 35 bps until three months before maturity, then at par
|
| Trade date: | June 7
|
| Settlement date: | June 12
|
| Expected ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
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