By William Gullotti
Buffalo, N.Y., Jan. 10 – Iberdrola Finanzas SAU sold €700 million of 4.875% subordinated perpetual green hybrid notes (BBB-) at 99.997, according to a stabilization notice.
The notes are non-callable for 7.25 years.
J.P. Morgan SE is the stabilization coordinator, leading stabilization managers Barclays, BBVA, CaixaBank, Credit Agricole CIB, Deutsche Bank, NatWest Markets NV and RBC Capital Markets.
According to S&P Global Ratings, Iberdrola intends to use the proceeds to replace the outstanding €700 million of green hybrid bond issued in 2018.
Listing will be in Luxembourg.
Iberdrola is an electricity utility based in Bilbao, Spain.
| Issuer: | Iberdrola Finanzas SAU
|
| Amount: | €700 million
|
| Issue: | Subordinated green hybrid notes
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| Maturity: | Perpetual
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| Managers: | J.P. Morgan SE (coordinator), Barclays, BBVA, CaixaBank, Credit Agricole CIB, Deutsche Bank, NatWest Markets NV and RBC Capital Markets
|
| Coupon: | 4.875%
|
| Price: | 99.997
|
| Call features: | Non-callable for 7.25 years
|
| Announcement date: | Jan. 10
|
| Rating: | S&P: BBB-
|
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