Chicago, Nov. 29 – Banca Transilvania SA (Baa2//BB+) priced an upsized offering of €500 million of sustainable senior non-preferred notes (//BB) on Wednesday, according to a market source.
The notes start with a 7¼% coupon. Pricing came at par. Initial talk was a half-turn higher in the 7¾% area. Guidance came in to the 7 3/8% area as books went above €1.3 billion.
On Dec. 7, 2027, the rate resets to the one-year mid-swap rate plus 429 basis points.
The notes may be redeemed at par on the reset date.
Citi, ING and JPMorgan were joint bookrunners.
Investor calls started Monday. The deal size was expected at €300 million.
Proceeds will be used to finance a portfolio of green and social loans, with a minimum allocation of half to social eligible categories.
The notes will be listed in Dublin.
The prospective issuer is the largest bank in Romania by total assets. The bank is based in Cluj-Napoca.
| Issuer: | Banca Transilvania SA
|
| Amount: | €500 million
|
| Issue: | Sustainable senior non-preferred notes
|
| Maturity: | Dec. 7, 2028
|
| Bookrunners: | Citi, ING and JPMorgan
|
| Co-manager: | BT Capital Partners
|
| Sustainability adviser: | ING
|
| Coupon: | 7¼% initial rate; resets on Dec. 7, 2027 to one-year mid-swaps plus 429 bps
|
| Price: | Par
|
| Yield: | 7¼%
|
| Call features: | At par on Dec. 7, 2027
|
| Trade date: | Nov. 29
|
| Settlement date: | Dec. 7
|
| Ratings: | Fitch: BB
|
| Distribution: | Regulation S
|
| Price talk: | 7¾% area, guided to 7 3/8% area
|
| Marketing: | Investor calls
|
| ISIN: | XS2724401588
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