By Rebecca Melvin
Concord, N.H., May 7 – EQT AB priced €500 million 7/8% sustainability-linked notes due 2031 at 99.203 to yield 0.959%, or a spread over mid-swaps of 85 basis points, according to a market source.
The Regulation S new global notes (expected rating: //A-) have a make-whole call and a three-month par call.
The proceeds will be used for general corporate purposes, including refinancing its debt.
The sustainability-linked performance targets are tied to Board Diversity Condition by December 2026, Investment Advisory Professionals Conditions by December 2026 and Science Based Targets Condition by December 2023. The linked coupon is a step-up margin of up to a total 25 bps. Each event is individual and cumulative, with 7.5 bps step-up margins relating to a board diversity event and investment advisory professionals diversity, and 10 bps step-up margins relating to science based targets event.
The notes are expected to be listed on the Euro MTF Market of the Luxembourg Stock Exchange.
The joint lead bookrunners for the offering are Morgan Stanley & Co. International plc, Goldman Sachs Bank Europe SE, BNP Paribas, Nordea Bank Abp and Skandinaviska Enskilda Banken AB.
The global investment organization is based in Sweden.
| Issuer: | EQT AB
|
| Issue: | Sustainability-linked notes
|
| Amount: | €500 million
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| Maturity: | May 14, 2031
|
| Bookrunners: | Morgan Stanley & Co. International plc, Goldman Sachs Bank Europe SE, BNP Paribas, Nordea Bank Abp and Skandinaviska Enskilda Banken AB
|
| Co-managers: | Deutsche Bank AG and DNB Bank ASA
|
| Coupon: | 7/8%
|
| Price: | 99.203
|
| Yield: | 0.959%
|
| Spread: | Mid-swaps plus 85 bps
|
| Step-up margins: | 7.5 bps to 10 bps based on performance targets
|
| Calls: | Make-whole call and three-month par call
|
| Pricing date: | May 7
|
| Settlement date: | May 14
|
| Rating: | Fitch: A-
|
| Distribution: | Regulation S
|
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