TDC Net launches €500 million eight-year secured sustainability-linked notes at 6˝%

By Paul A. Harris

Portland, Ore., April 28 – TDC Net A/S launched a €500 million offering of eight-year secured sustainability-linked notes to yield 6˝% on Friday, according to market sources.

The launch comes in line with initial talk, given in spreads – mid-swaps plus 340 basis points to 350 bps – which implied a yield in the 6˝% area, a source said.

The deal was heard to be playing to demand in excess of €800 million.

Pricing is expected on Friday.

The Regulation S notes, which are being sold under the Danish company’s sustainability-linked finance framework and its euro medium-term notes program, are expected to be rated at BBB- by Fitch Ratings.

Proceeds will be used to refinance debt.

The notes will be linked to TDC Net achieving specified reductions in CO2 emissions.

BNP Paribas and HSBC are the joint global coordinators and joint bookrunners. ING and SEB are also joint bookrunners.

ING and SEB are the joint sustainability structuring advisers.

HSBC will bill and deliver.

The issuer is a Copenhagen-based telecommunications infrastructure and services supplier.

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