Alstom holders tender €875 million of five note series; cap lifted

By Susanna Moon

Chicago, Feb. 17 – Alstom SA said investors had tendered €875 million principal amount of five series of notes in the offer that ran until 10 a.m. ET on Feb. 16.

The indicative maximum acceptance amount was set at €875 million and all of the tendered notes will be purchased with no proration, according to a company notice.

The company said on Feb. 9 that it was tendering for up to €500 million of notes with priority given to the first three note series, listed below, with pricing to be set using the interpolated mid-swap rate plus a fixed spread:

• €750 million 4.5% bonds due March 18, 2020 with an offer spread of 85 basis points;

• €500 million 3% notes due July 8, 2019 plus 75 bps; and

• €500 million 3.625% bonds due Oct. 5, 2018 plus 55 bps.

For the second-priority notes, pricing will be as follows:

• €350 million 2.25% notes due Oct. 11, 2017 will price using mid-swaps plus 40 bps; and

• €750 million 4.125% bonds due Feb. 1, 2017 with tender offer price of 103.823, or €51,911.50 per €50,000 par amount, if settlement is Feb. 19, for a tender offer yield of 0.10%.

Pricing will be set at 7 a.m. ET on Feb. 17.

Holders had tendered €153.85 million of the 4.5% bonds, €217.2 million of the 3% notes, €128.7 million of the 3.625% bonds, €77.9 million of the 2.25% notes and €297.35 million of the 4.125% bonds.

The dealer managers are Societe Generale (+33 1 42 13 32 40 or liability.management@sgcib.com), Barclays Bank plc (+44 203 134 8515 or eu.lm@barclays.com), UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de), Banca IMI SpA and Banco Bilbao Vizcaya Argentaria, SA.

The information agent is BNP Paribas Securities Services (+33 1 57 43 10 77 or paris.bp2s.information.agent@bnpparibas.com). The tender agent is BNP Paribas Securities Services (+33 1 55 77 61 60, fax +33 1 57 43 31 38 or paris.bp2s.offers@bnpparibas.com).

Alstom is engaged in transportation activities through Alstom Transport. The company is based in Saint-Ouen, France.

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