By Paul A. Harris
Portland, Ore., Jan. 17 – Mundys SpA priced its inaugural offering of sustainability-linked notes on Wednesday, according to market sources.
The €750 million issue of 4¾% five-year senior notes (expected ratings Ba2/BB+/BB) priced at 99.457 to yield 4 7/8%.
The yield printed at the tight end of yield talk of 4 7/8% to 5%. Initial guidance was 5¼% to 5 3/8%.
The deal was playing to €1.8 billion of demand at 4 7/8%, a source said.
The notes were issued in accordance with the issuer’s sustainability-linked financing framework, initially released in November 2022 and updated following the validation of Mundys’ targets by science-based target initiative achieved in August 2023.
Failure to meet targets could result in a maximum coupon step-up of 75 basis points.
Sustainalytics has provided a second party opinion dated Dec. 22, 2023.
The Rome-based infrastructure group plans to use the proceeds for general corporate purposes, including the funding of a concurrent tender offer.
| Issuer: | Mundys SpA
|
| Amount: | €750 million
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| Issue: | Sustainability-linked senior notes
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| Maturity: | Jan. 24, 2029
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| Sustainability coordinator: | Credit Agricole CIB
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| Global coordinators: | BNP Paribas, Credit Agricole CIB, IMI – Intesa Sanpaolo and Mediobanca
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| Joint active bookrunners: | Banca Akros SpA, BNP Paribas (bill and deliver), Credit Agricole, IMI, Mediobanca and UniCredit
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| Other bookrunners: | BBVA, BPER, HSBC, Mizuho, Natixis and Societe Generale
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| Coupon: | 4¾%
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| Price: | 99.457
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| Yield: | 4 7/8%
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| Spread: | 267.8 bps
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| Trade date: | Jan. 17
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| Settlement date: | Jan. 24
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| Expected ratings: | Moody’s: Ba2
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| S&P: BB+
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| Fitch: BB
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| Distribution: | Regulation S
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| Price talk: | 4 7/8% to 5%
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