Kretinsky’s EP Infrastructure Sells €600 Million Green Bond
(Bloomberg) -- EP Infrastructure, a.s. (EPIF) raised €600 million from a green bond on Thursday, after selling a stake in its holding company to TotalEnergies SE.
The company, owned by Czech billionaire Daniel Kretinsky, printed the debt with a 4.125% coupon at 160 basis points over mid-swaps, tightened from around 200 basis points at initial price talks, for a long seven-year note, according to a person familiar with the matter who asked not to be identified. The sale attracted more than €3.2 billion of investor demand.
Earlier this week, Total agreed to buy a 50% stake in Kretinsky’s Energeticky a Prumyslovy Holding AS to create a joint venture that gives EPH a stake of just over 4% in the French oil major. The deal will give Total gas and biomass power stations and battery projects in Italy, the UK, Ireland, the Netherlands and France.
A spokesperson for EPH said “EP Infrastructure is fully ring-fenced from both EPH and EP Group, with strict structural and financial separation. All proceeds are allocated exclusively in accordance with our Green Finance Framework.”
A financing unit within the group, EPH Financing International AS, has previously sold green bonds.
Kretinsky also owns stakes in Royal Mail’s parent company, International Distribution Services Plc, British supermarket group J Sainsbury Plc, French media assets and is in the process of taking German wholesaler Metro AG private, as well as stakes in football clubs AC Sparta Prague and West Ham United.
The bond sale was managed by Citigroup Inc, Erste Group, HSBC, SMBC and UniCredit.
(Updates with pricing details in second paragraph)
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