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BNP Paribas tenders for up to 300 million Hera notes from four series
By Marisa Wong
Los Angeles, Oct. 12 BNP Paribas SA announced it launched on Monday a tender offer for four series of notes issued by Hera SpA.
BNP Paribas is offering to purchase up to 300 million of notes from the following series:
500 million 2.375% notes due July 4, 2024 (ISIN: XS1084043451), of which 329.39 million is outstanding, with pricing based on the interpolated mid-swap rate and a purchase spread of 5 basis points;
400 million 0.875% notes due Oct. 14, 2026 (ISIN: XS1504194173), with pricing based on the interpolated mid-swap rate and a purchase spread of 5 bps;
500 million 0.875% notes due July 5, 2027 (ISIN: XS2020608548), with pricing based on the interpolated mid-swap rate and a purchase spread of 10 bps and the first call date of the notes on April 5, 2027; and
700 million 5.2% notes due Jan. 29, 2028 (ISIN: XS0880764435), of which 640.53 million is outstanding, with pricing based on the interpolated mid-swap rate and a purchase spread of 5 bps.
BNP Paribas will also pay accrued interest for notes accepted for purchase under the offers.
Tenders may be subject to proration.
The offer expires at noon ET on Oct. 18.
Pricing will be determined at or around 8 a.m. ET on Oct. 19.
Settlement is expected to be on Oct. 20.
The tender offer is conditioned on Hera pricing an issue of new euro-denominated fixed-rate sustainability-linked notes.
Holders who wish to subscribe for the new notes in addition to tendering their existing notes may be given priority in the allocation of the new notes.
The purpose of the tender offer and the new issuance is to manage Heras liabilities and to extend its debt maturity profile.
Dealer managers for the offer are Banco Santander, SA (Tommaso.GrosPietro@santandercib.co.uk / Adam.Crocker@santandercib.co.uk), BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), Credit Agricole CIB (+44 207 214 5903, liability.management@ca-cib.com), Intesa Sanpaolo SpA Divisione IMI CIB (+39 02 7261 4704/4778, IMI-liability.management@intesasanpaolo.com), Mediobanca Banca di Credito Finanziario SpA (+39 0288291, MB_LM_CORP_IT@mediobanca.com) and UniCredit Bank AG (+39 02 8862 0581, +49 89 378 18825, agdccorig.uc@unicredit.eu; corporate.lm@unicredit.de).
Lucid Issuer Services Ltd. (+44 20 7704 0880, hera@lucid-is.com) is the tender agent.
Hera is a gas, electric and water utility located in Italy.
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