By William Gullotti
Buffalo, N.Y., March 26 – Saint-Gobain (Baa1/BBB+) sold €2 billion of green bonds in six- and 10-year tranches, according to an announcement and more information from a market source.
The dual-tranche issue marks the company’s first green bond issue and was approximately three times oversubscribed.
The offering breaks down into equal €1 billion tranches. The six-year tranche has a 3.375% coupon, and the 10-year tranche has a 3.625% coupon.
The six-year tranche priced at 99.35 to yield 3.497%, or at mid-swaps plus 82 basis points.
The 10year tranche priced at 99.695 to yield 3.662%, or at mid-swaps plus 102 bps.
Each bond will be callable early with a Bunds plus 20 bps make-whole premium. There is also a three-month par call.
BNP Paribas and HSBC were the global coordinators.
On the shorter tranche, Santander, Societe Generale and Standard Chartered Bank AG were active bookrunners.
On the longer series, Credit Agricole CIB, ING and IMI-Intesa Sanpaolo were the active bookrunners.
BNP Paribas was also the sole structuring adviser.
Proceeds will be used to finance projects aligned with the European taxonomy while extending the company’s average debt maturity and optimizing its financing costs.
France’s Saint-Gobain designs, manufactures and distributes materials and services for the construction and industrial markets.
| Issuer: | Saint-Gobain
|
| Amount: | €2 billion
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| Issue: | Green bonds
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| Structuring advisor: | BNP Paribas
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| Pricing date: | March 26
|
| Settlement date: | April 8
|
| Issuer rating: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | Regulation S
|
|
|
| Six-year bonds
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| Amount: | €1 billion
|
| Maturity: | April 8, 2030
|
| Bookrunners: | BNP Paribas, HSBC (global coordinators), Santander, Societe Generale and Standard Chartered Bank AG
|
| Coupon: | 3.375%
|
| Price: | 99.35
|
| Yield: | 3.497%
|
| Spread: | Mid-swaps plus 82 bps, or Bunds plus 119.6 bps
|
| Call: | Make-whole call at Bunds plus 20 bps; three-month par call
|
| ISIN: | XS2796609787
|
|
|
| 10-year bonds
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| Amount: | €1 billion
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| Maturity: | April 8, 2034
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| Bookrunners: | BNP Paribas, HSBC (global coordinators), Credit Agricole CIB, ING and IMI-Intesa Sanpaolo
|
| Coupon: | 3.625%
|
| Price: | 99.695
|
| Yield: | 3.662%
|
| Spread: | Mid-swaps plus 102 bps, or Bunds plus 130.7 bps
|
| Call: | Make-whole call at Bunds plus 20 bps; three-month par call
|
| ISIN: | XS2796659964
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