EnBW successfully issues first Schuldschein loan
Karlsruhe. EnBW has successfully issued its first Schuldschein loan with an issue size of €500 million over a several-week marketing phase and in a volatile market.
As EnBW CFO Thomas Kusterer emphasised, “EnBW’s integrated portfolio approach along the entire value chain means that we have a very good risk-return profile. In the current high-volatility environment especially, our stable business model has a balancing effect, dampening liquidity movements. This lineup was expressly welcomed by investors in the Schuldschein issue.”
EnBW manages its liquidity requirements with efficient and forward-looking financing decisions. “The Schuldschein issue has enabled us to successfully further diversify the financing sources available to the Group. We have also been able to further expand our investor base, with over 50 participating German and international investors,” said Marcel Münch, Head of Finance, M&A and Investor Relations.
The €500 million issue size significantly exceeded the €300 million targeted in the term sheet. All tranches were able to be priced at the lower end of the indicated range.
EnBW was supported in the Schuldschein loan issue by a banking syndicate comprising BNP, Helaba and LBBW. The issue date is 6 July 2022.
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Issue size
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Term to maturity
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Coupon and margin
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Indicated range at inception of marketing
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|---|---|---|---|
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Issue size
€27.5 million
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Term to maturity
3 years variable
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Coupon and margin
6M Euribor + 50 bps
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Indicated range at inception of marketing
50-65
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|
Issue size
€80 million
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Term to maturity
5 years fixed
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Coupon and margin
2.665% (70bps)
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Indicated range at inception of marketing
70-85
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|
Issue size
€269.5 million
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Term to maturity
5 years variable
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Coupon and margin
6M Euribor + 70 bps
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Indicated range at inception of marketing
70-85
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|
Issue size
€62.5 million
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Term to maturity
7 years fixed
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Coupon and margin
2.948% (85bps)
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Indicated range at inception of marketing
85-100
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|
Issue size
€43 million
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Term to maturity
7 years variable
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Coupon and margin
6M Euribor + 85 bps
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Indicated range at inception of marketing
85-100
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Issue size
€17.5 million
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Term to maturity
10 years fixed
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Coupon and margin
3.267% (100 bps)
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Indicated range at inception of marketing
100-115
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