Enel accepts tenders for €750 million of two note series; cap lifted

By Susanna Moon

Chicago, Jan. 21 – Enel SpA said investors had tendered €799,048,000 principal amount of its €1.5 billion of 5.25% notes due June 20, 2017 and its €750 million 4.75% notes due June 12, 2018 in the offer that ended at 11 a.m. ET on Jan. 20.

Enel accepted for purchase €750,007,000 of the two note series, or €591,088,000 of the 5.25% notes using a scaling factor of 92.5715% and €158,919,000 of the 4.75% notes using a scaling factor of 100%, according to a company notice.

After settlement on Jan. 25, there will be left outstanding, €908,912,000 of the 5.25% notes and €591,081,000 of the 4.75% notes.

The company began a tender for up to €500 million principal amount of the two note series on Jan. 14 and then on Thursday lifted the cap to the amount accepted for purchase.

The purchase price is 107.359 for the 5.25% notes and 111.304 for the 4.75% notes.

As previously announced, the purchase price is intended to reflect a yield to maturity of the notes on the settlement date based on the purchase yield of 0%, according to a company notice. Specifically, the purchase price is equal to the value of all remaining payments of principal and interest on the notes up to and including the maturity date minus accrued interest.

The company will also pay accrued interest.

The tender offers were made as part of the company’s liabilities management program to optimize its debt structure, the previous press release noted.

Lucid Issuer Services Ltd. (+44 0 20 7704 0880, Thomas Choquet/Paul Kamminga, enel@lucid-is.com) is the tender agent. Banco Bilbao Vizcaya Argentaria, SA (Tel: +44 207 648 7516 or liabilitymanagement@bbva.com), Banco Santander, SA (+ 44 0 20 7756 6909 or tommaso.grospietro@santandergbm.com), Commerzbank AG (+49 69 136 59920 or Liability.Management@Commerzbank.com), Credit Suisse Securities (Europe) Ltd. (+44 0 20 7883 8763 or liability.management@credit-suisse.com), Goldman Sachs International (+44 0 20 7774 9862 or liabilitymanagement.eu@gs.com), J.P. Morgan Securities plc (+44 207 134 3438 or emea_lm@jpmorgan.com), Morgan Stanley & Co. International plc (+44 0 20 7677 5040 or liabilitymanagementeurope@morganstanley.com) and UBS Ltd. (+44 20 7568 2133 or ol-liabilitymanagement-eu@ubs.com) are the dealer managers.

Enel is a Rome-based electric utility company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.