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Portugal’s EDP prices any-and-all offer for 6.3% notes due 2027
By William Gullotti
Buffalo, N.Y., Jan. 29 – EDP Servicios Financieros Espana, SAU gave early results and pricing for its any-and-all cash tender offer for the $500 million 6.3% notes due 2027 issued by EDP Finance BV (ISINs: XS2532478190, US26835PAJ93), according to notices on Monday.
As of the early tender deadline at 5 p.m. ET on Jan. 26, a total of $366,878,000 principal amount was validly tendered and not withdrawn.
EDP will pay $1,050.49 for each $1,000 principal amount of notes tendered on or prior the early deadline. Pricing was based on the 4.375% U.S. Treasury due Dec. 15, 2026 plus a fixed spread of 65 basis points.
Notes tendered after the early tender deadline but on or before the offer expiration, expected Feb. 12 at 5 p.m. ET, will not be eligible for the $50 early tender premium. The offer consideration for those notes will be $1,000.49 per $1,000 principal amount.
In each case, accrued and unpaid interest will also be paid in cash.
As previously reported, early settlement is expected on Jan. 31 and final settlement on Feb. 14.
The purpose of the offer is, amongst other things, to proactively manage the debt capital structure of EDP and its subsidiaries. Securities that are accepted in the offer will be purchased by the offeror and are expected to be held by the offeror. The securities are expected to remain outstanding obligations of the issuer. The securities may be repurchased and canceled by the issuer at any time after the completion of the offer.
The offer is not conditioned on any minimum amount of tenders.
BofA Securities Europe SA (+33 1 87 70 10 57, 888 292-0070 or DG.LMEMEA@bofa.com) and NatWest Markets NV (+31 2 04 64 27 5, 800 231-5380 or NWMliabilitymanagement@natwestmarkets.com) are the dealer managers.
Kroll Issuer Services Ltd. (+44 20 7704 0880 or edp@is.kroll.com) is the tender and information agent.
EDP is a Portuguese electric utilities company based in Lisbon. The issuer is a Spain-based subsidiary.
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