New Issue: Germany's Otto Group prices €250 million seven-year green bonds at par to yield 2 5/8%

By Paul A. Harris

Portland, Ore., April 4 – Otto Group priced a €250 million issue of non-rated seven-year “sustainable” senior bullet notes at par to yield 2 5/8% on Thursday, according to a market source.

The yield printed on top of yield talk.

Joint bookrunner and sole sustainability structuring advisor ING Financial Markets LLC will bill and deliver.

The Hamburg-based mail order and e-commerce company plans to use the proceeds to finance and/or refinance existing and/or future eligible projects under its sustainable finance framework.

Issuer:	Otto GmbH & Co. KG
Amount:	€250 million
Maturity:	April 10, 2026
Securities:	Senior notes
Bookrunners:	ING (bill and deliver, sustainability structuring advisor), BNP Paribas Securities Corp., Commerzbank Capital Markets Corp., Deutsche Bank Securities Inc.
Co-leads:	Bayerische Landesbank, DZ Bank AG, MM Warburg & Co.
Coupon:	2 5/8%
Price:	Par
Yield:	2 5/8%
Spread:	291.5 bps
Call protection:	Callable at par three months prior to maturity, otherwise non-callable
Trade date:	April 4
Settlement date:	April 10
Ratings:	Non-rated
Price talk:	2 5/8%
Marketing:	Quick-to-market

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