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A2A sets tender cap at €250 million in offer for 4.5%, 4.375% notes
By Susanna Moon
Chicago, Dec. 2 – A2A SpA set the indicative maximum acceptance amount at €250 million in the tender for its 4.5% notes due Nov. 28, 2019 and 4.375% notes due Jan. 10, 2021.
Specifically, investors had tendered €182,475,000 of the 4.5% notes and €119,766,000 of the 4.375% notes.
A2A accepted for purchase all of the tendered 4.5% notes and €70.02 million of the 4.375% notes using a proration factor of 60%, according to a company update.
As announced Nov. 28, the company was tendering for a maximum amount of its €750 million of 4.5% notes and its €500 million of 4.375% notes.
Pricing for the 4.5% notes will be set using a purchase yield of 0%. Pricing was scheduled for 8 a.m. ET on Dec. 2. The purchase price will be €1,134.01 per €1,000 principal amount assuming a settlement date of Dec. 6.
For the 4.375% notes, the price will be set using a purchase spread of 40 basis points over an interpolated reference rate.
In both cases, the price will reflect the present value of all future principal and interest payments, discounted using the purchase yield.
Accrued interest will be excluded from the calculation but paid separately.
The tender offer ended at 11 a.m. ET on Dec. 1, with settlement planned for Dec. 6.
BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and UniCredit Bank AG (+49 89 378 13722 corporate.lm@unicredit.de) are structuring advisers and dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or a2a@lucid-is.com) is tender agent.
A2A is a Brescia, Italy-based electric utility.
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