Abu Dhabi’s Sweihan offers green bonds due 2049 in 3 7/8% area

By Cristal Cody

Chicago, Jan. 13 – Sweihan PV Power Co. PJSC’s upcoming offering of senior secured green bonds due Jan. 31, 2049 (Baa1/BBB+) is being talked in the 3 7/8% area, a market source noted.

Joint global coordinators are Citigroup, HSBC and MUFG.

Joint lead managers and joint bookrunners for the Rule 144A and Regulation S deal are BNP Paribas, First Abu Dhabi Bank and SMBC.

The proceeds will be used to refinance debt, pay transaction expenses, fund the debt service reserve account and make a distribution to shareholders, according to Moody’s Investors Service.

The issuer is a special purpose vehicle that owns and operates the 881 megawatt (MW ac) Noor Abu Dhabi solar photovoltaic independent power project located near Sweihan in Abu Dhabi.

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