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A2A takes in tenders for €135.35 million 4.5%, 4.375% notes in offer
By Susanna Moon
Chicago, Oct. 19 – A2A SpA said investors had tendered €56,822,000 principal amount of its €567,525,000 4.5% notes due Nov. 28, 2019 and €78,523,000 of its €429.98 million 4.375% notes due Jan. 10, 2021.
As announced Oct. 11 the company was tendering for up to €200 million principal amount of the two issues with the 4.5% notes given priority over the 4.375% notes.
The tender ended at 11 a.m. ET on Oct. 18.
A2A will accept all of the tendered notes after having met the new issue condition, according to a company notice on Thursday.
Pricing for the 4.5% notes was set at 109.933 using a purchase yield of negative 0.2% and assuming a settlement date of Oct. 20.
For the 4.375% notes, the price will be 114.108 based on a purchase yield of 0% and a settlement date of Oct. 20.
Holders also will receive accrued interest.
After settlement, there will be left outstanding €510,703,000 of the 2019 notes and €351,457,000 of the 2021 notes.
The tenders are part of the company’s “medium-term financial strategy aimed at proactively managing its liabilities and the upcoming redemptions,” according to a previous company announcement.
A2A previously said it planned to issue a series of new euro-denominated senior fixed-rate notes under its €4 million medium-term note program.
Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Goldman Sachs International (+44 20 7774 9682 or liabilitymanagement.eu@gs.com), Mediobanca – Banca di Credito Finanziario (+39 02 8829 840 or MB_LM_CORP_IT@mediobanca.com), Societe Generale (+44 20 7676 75680 or liability.management@sgcib.com) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de) are the structuring advisers and dealer managers.
The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or a2a@lucid-is.com).
A2A is a Brescia, Italy-based electric utility.
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