Iren to buy back €92.18 million of 3%, 4.37%, 2.75% notes in tender

By Susanna Moon

Chicago, Oct. 18 – Iren SpA said holders had tendered €92,179,000 of three series of notes in the offer for up to €150 million principal amount of four issues that ended at 11 a.m. ET on Oct. 17.

Iren plans to accept for purchase all of the tendered notes, according to a company notice on Wednesday.

The company said on Oct. 10 that it was tendering for its €89.1 million outstanding 3% notes due 2019, €185.12 million outstanding 4.37% notes due 2020, €186,273,000 outstanding 3% notes due 2021 and €430,126,000 outstanding 2.75% notes due 2022.

Holders had tendered none of the 2019 notes, €17.25 million of the 2020 notes, €4,437,000 of the 2021 notes and €70,492,000 of the 2022 notes.

Pricing will be set at 7 a.m. ET on Oct. 18.

For two series, pricing will be set using a purchase yield of zero for a purchase price of 103.896 for the 2019 notes and 112.978 for the 2020 notes assuming a settlement date of Oct. 25.

For the other notes, pricing will be set using interpolated mid-swap rate and a purchase spread of zero basis points for the 2021 notes and 25 bps for the 2022 notes.

Holders will also receive accrued interest.

The company previously said it plans to settle a series of new euro-denominated fixed-rate notes on Oct. 24 with some of the proceeds to be used to finance the tender.

The offer is contingent on pricing of the new notes.

The dealer managers are Banca IMI SpA (+39 02 7261 5938 or Liability.Management@bancaimi.com), Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com), Mediobanca – Banca di Credito Finanziario SpA (+39 02 8829 840 or MB_LM_CORP_IT@mediobanca.com), Societe Generale ( +44 20 7676 7680 or liability.management@sgcib.com) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de).

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or iren@lucid-is.com).

Iren is a multi-utility company based in Reggio Emilia, Italy.

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