Scatec allocates €250M of 4.5-year green bonds; terms

Scatec ASA has allocated a €250 million, 4.5-year offering of green floating-rate notes via joint bookrunners DNB Markets, Nordea (B&D), Swedbank, and Sparebank. The notes priced at E+250 with no Euribor floor, following original price thoughts of E+275-300 area. The offering was increased from a planned €200 million expected size during syndication.

The deal includes financial covenants requiring the firm to maintain a minimum liquidity of NOK150 million, a debt to capitalization ratio of less than 50%, and a cash flow interest coverage ratio of at least 3x. The notes are callable from month 48 at par plus 10% of the interest rate.

DNB Markets, Nordea, and Swedbank were green bond advisors on the deal.

Proceeds from the notes will be used to finance the call option for the early redemption of the borrower's outstanding NOK750 million bond with a maturity of November 2021, and to partially repay a $400 million outstanding bridge facility provided by DNB, Nordea and Swedbank in connection with the acquisition of SN Power. The issuer is unrated.

Scatec develops, builds, owns and operates solar power plants across emerging markets. Terms: