Gas Natural offers to repurchase €1 billion of five series via Citi

By Susanna Moon

Chicago, March 28 – Citigroup Global Markets Ltd. is tendering for up to €1 billion principal amount of five series of notes issued by Gas Natural Capital Markets, SA and guaranteed by Gas Natural SDG, SA until 11 a.m. ET on April 4.

Pricing will be set at 9 a.m. ET on April 5 as follows, assuming a settlement date of April 6, according to a notice by Citigroup:

• €700 million 4.125% guaranteed notes due January 2018 using a purchase yield of negative 0.25% for a purchase price of 103.545;

• €750 million 5% guaranteed notes due 2018 using a purchase yield of negative 0.25% for a purchase price of 104.513;

• €850 million 4.5% guaranteed notes due January 2020 using a purchase yield of negative 0.1% for a purchase price of 112.955;

• €800 million 6% guaranteed notes due 2020 using a purchase yield of negative 0.1% for a purchase price of 117.18; and

• €750 million 5.125% guaranteed notes due November 2021 with pricing to be set using the 2021 interpolated mid-swap rate plus 5 basis points.

Citigroup said it has the right to modify the tender cap.

Gas Natural Capital Markets, SA plans to price euro-denominated fixed-rate notes under its €14 billion guaranteed euro medium-term note program.

The tender offer is contingent on pricing of the new notes.

Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Banco Bilbao Vizcaya Argentaria, SA (+44 20 7648 7516, +44 20 7397 6125 or liabilitymanagement@bbva.com), BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and CaixaBank, SA (+34 91 700 56 08 /09 / 10) are the joint dealer managers.

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

The natural gas utilities company is based in Barcelona, Spain.

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