Iberdrola gets tenders for €315.5 million of four note series in offer

By Susanna Moon

Chicago, Dec. 2 – Iberdrola Finanzas, SAU said investors had tendered €315.5 million of four series of notes guaranteed by Iberdrola, SA.

All of the tendered notes were accepted for purchase, according to a company update.

The tender ran from Nov. 24 until 11 a.m. ET on Dec. 1.

As announced Nov. 28, the company was offering to purchase up to €500 million of the four note series issued by either Ibredrola Finanzas or Iberdrola International BV.

Holders had tendered the following amounts:

• €89.5 million of the €750 million 4.625% series 95 guaranteed notes due April 7, 2017, with €472.6 million outstanding, at a purchase price of €101,620 per €100,000 set using a yield of negative 0.25%;

• €67.7 million of the €1 billion 4.5% series 101 guaranteed notes due Sept. 21, 2017, with €371.3 million outstanding, at a purchase price of €103,716 per €100,000 based on a yield of negative 0.2%;

• €26.7 million of the €750 million 5.625% series 77 guaranteed notes due May 9, 2018, with €692.5 million outstanding, at a purchase price of €54,106 per €50,000 based on a yield of negative 0.15%; and

• €131.6 million of the €1.4 billion 4.25% series 100 guaranteed notes due Oct. 11, 2018, with €900 million outstanding, at a purchase price of €108,032 per €100,000 based on a yield of negative 0.1%.

After settlement, there will be left outstanding €383.1 million of the 4.625% notes, €303.6 million of the 4.5% notes, €665.8 million of the 5.625% notes and €768.4 million of the 4.25% notes.

The company said it will also pay accrued interest up to but excluding the settlement date of Dec. 7.

Barclays Bank plc (+44 20 3134 8515 or eu.l.@barclays.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Credit Agricole CIB (+44 20 7214 5482 or liability.management@ca-cib.com) are the dealer managers for the Regulation S offer. Lucid Issuer Services Ltd. (+44 20 7704 0880 or iberdrola@lucid-is.com) is the tender agent.

Iberdrola is a Spanish public multinational electric utility company based in Bilbao, Spain.

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