Chicago, June 28 – Cadent Finance plc priced €500 million of 4.25% six-year green bonds (Baa1/BBB+/A-) on Wednesday, a market source noted.
The bonds priced at 99.74 to yield 4.3%, or at mid-swaps plus 120 basis points.
Price talk was mid-swaps plus 135 bps to 140 bps.
There are provisions for an optional make-whole call at Bunds plus 30 bps.
Barclays (billing and delivery), BNP Paribas, Credit Agricole CIB, Mizuho and SMBC are the bookrunners for the Regulation S notes.
The order book was over €900 million.
Proceeds will be used to finance or refinance projects contributing to climate change mitigation.
Cadent Finance is a wholly owned subsidiary of U.K.-based Cadent Gas Ltd., and the company operates as part of the Cadent Gas Group’s regulated gas distribution business. Cadent Finance’s principal activity is the provision of long-term finance for its immediate parent, Cadent Gas.
The parent is guaranteeing the notes.
| Issuer: | Cadent Finance plc
|
| Guarantor: | Cadent Gas Ltd.
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| Amount: | €500 million
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| Issue: | Green bonds
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| Maturity: | July 5, 2029
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| Bookrunners: | Barclays (billing and delivery), BNP Paribas, Credit Agricole CIB, Mizuho and SMBC
|
| Coupon: | 4.25%
|
| Price: | 99.74
|
| Yield: | 4.3%
|
| Spread: | Mid-swaps plus 120 bps
|
| Call features: | Make-whole call at Bunds plus 30 bps
|
| Trade date: | June 28
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| Settlement date: | July 5
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: A-
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| Distribution: | Regulation S
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| Price talk: | Mid-swaps plus 135 bps to 140 bps
|
| ISIN: | XS2641164491
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