Dutch TenneT To Raise EUR200 Million Via Private Bond Placement

London Private Placement -(Dow Jones)- TenneT Holding B.V., the state-owned Dutch company that runs the electricity grid, plans to sell EUR200 million of 20-year bonds its European Medium Term Note Programme, the company said Wednesday.

The notes, sold to European investors via a private placement, pay 4.75% interest and are expected to settle on June 3.

Proceeds from the offering will be used for “general corporate purposes and to finance its capital expenditure programme”, TenneT said.

The company was last in the market in February with a three part bond issue comprising a EUR500 million senior bond maturing in February 2015, a EUR500 million senior bond maturing in February 2022 and a perpetual bond, non-callable for seven and then for 12 years, at 360 basis points over mid-swaps, after guidance initially was set at 360-375 basis points over mid-swaps.

Barclays PLC, BNP Paribas SA, ING Groep NV and Royal Bank of Scotland Group PLC led the sale of the senior bonds, while RBS and ING were bookrunners on the hybrid portion.


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