Alstom prices tender offer for €875 million of notes from five series

By Marisa Wong

Morgantown, W.Va., Feb. 17 – Alstom SA disclosed pricing for its tender offer that ran until 10 a.m. ET on Feb. 16.

Pricing was set at 7 a.m. ET on Feb. 17 as follows, with the notes listed in order of priority:

• 114.654 for the €750 million 4.5% bonds due March 18, 2020, calculated using an offer spread of 85 basis points;

• 107.758 for the €500 million 3% notes due July 8, 2019, using an offer spread of 75 bps;

• 108.336 for the €500 million 3.625% bonds due Oct. 5, 2018, using an offer spread of 55 bps;

• 103.279 for the €350 million 2.25% notes due Oct. 11, 2017, using a spread of plus 40 bps; and

• 103.823 for the €750 million 4.125% bonds due Feb. 1, 2017. Pricing for these notes was based on a purchase price of €51,911.50 per €50,000 par amount.

Pricing for the first four series of notes was based on the interpolated mid-swap rate plus a fixed spread.

As announced earlier on Wednesday, investors had tendered €875 million principal amount of notes as of the expiration of the offer.

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

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.

Settlement will be on Friday.

The company originally announced on Feb. 9 that it was tendering for up to €500 million of notes with priority given to the first three note series.

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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