Commentary & Deal Flow

LG Energy Solution Ltd (LGES) exp Baa2/BBB US$1.6bn 144A/Reg S (Cat 2) 4-part sr notes (3y FXD, 5y FXD, 5y FRN, 10y Green bond). BofA/Citi (B&D)/CACIB/HSBC/JPM joint books. Denoms: US$200k x 1k. Listing: SGX-ST. Law: New York. UOP: 3y and 5y tranches: gcp, including, without limitation, the repayment of outstanding borrowings and capital expenditures, which may include expenditures related to ESS facilities; 10y: To finance and/or refinance, in whole or in part, new or existing projects related to (i) low carbon transportation and (ii) energy efficiency in accordance with the Green Financing Framework. Pricing today. Settle 4/2.

IPTs: 3y T+150 area, 5y T+165 area and SOFR equiv, 10y T+200 area.

FINAL PRICE GUIDANCE: 3y T+115#, 5y FXD T+130#, 5y FRN SOFR+156#, 10y Green T+165#.

LAUNCHED: $300m 3y at T+115, $300m 5y FRN at SOFR+156, $500m 5y FXD at T+130, $500m 10y at T+165.

PRICED:
$300m 5.00% 4/2/29 99.920 5.029% T+115.
$300m 4/2/31 FRN at SOFR+156, at 100.
$500m 5.25% 4/2/31 99.900 5.273% T+130.
$500m 5.875% 4/2/36 99.189 5.984% T+165.