SNAM holders tender €3.15 billion of notes in BNP Paribas’ offer

By Susanna Moon

Chicago, Oct. 18 – BNP Paribas SA said investors had tendered €3,146,158,000 of notes issued by SNAM SpA.

The tender offer ended at 11 a.m. ET on Oct. 17.

As announced Oct. 11, BNP was offering to purchase up to €2 billion of the notes issued by SNAM.

According to a notice, BNP accepted for purchase €2,749,998,000 of notes in the offer as follows:

• €494,488,000 of the €999,915 of outstanding 2.375% notes due June 30, 2017;

• €348,689,000 of the €1,200,046,000 of outstanding 3.875% notes due March 19, 2018;

• €267,527,000 of the €850.05 million of outstanding 5% notes due Jan. 18, 2019;

• €234,691,000 of the €500 million of outstanding 1.5% notes due April 24, 2019;

• €534,061,000 of the €1.25 billion of outstanding 3.5% notes due Feb. 13, 2020;

• €168,059,000 of the €500 million of outstanding 3.375% notes due Jan. 29, 2021;

• €259,287,000 of the €1 billion of outstanding 5.25% notes due Sept. 19, 2022;

• €111,815,000 of the €750 million of outstanding 1.5% notes due April 21, 2023;

• €157,848,000 of the €750 million of outstanding 1.375% notes due Nov. 19, 2023; and

• €173,533,000 of the €600 million of outstanding 3.25% notes due Jan. 22, 2024.

The proration factor was 42.926% for the 1.5% notes due April 21, 2023 and for the 1.375% notes due Nov. 19, 2023, the release noted.

The cap was allocated at BNP Paribas’ discretion.

After settlement, there will be left outstanding €505,427,000 of the 2.375% notes, €851,357,000 of the 3.875% notes, €582,523,000 of the 5% notes, €265,309,000 of the 1.5% notes due April 24, 2019, €715,939,000 of the 3.5% notes, €331,941,000 of the 3.375% notes, €740,713,000 of the 5.25% notes, €638,185,000 of the 1.5% notes, €592,152,000 of the 1.375% notes and €426,467,000 of the 3.25% notes.

For the first seven series of notes, pricing was set using a purchase yield of negative 20 basis points for the 2.375% notes due 2017 and 3.875% notes due 2018, negative 15 bps for the 5% notes due 2019 and 1.5% notes due 2019, negative 10 bps for the 3.5% notes due 2020, negative 5 bps for the 3.375% notes due 2021 and zero for the 5.25% notes due 2022.

The purchase price is 101.788 for the 2.375% notes due 2017, 105.764 for the 3.875% notes due 2018, 111.595 for the 5% notes due 2019, 104.152 for the 1.5% notes due 2019, 111.967 for the 3.5% notes due 2020, 114.665 for the 3.375% notes due 2021 and 131.054 for the 5.25% notes due 2022, assuming a settlement date of Oct. 20.

For the remaining notes, pricing was set at 8 a.m. ET on Oct. 18 using a yield of the sum of 5 basis points over an interpolated reference rate.

The purchase price was set at 108.952 for the 1.5% notes using a reference yield of 0.0670% and a purchase yield of 0.1170%, 108.446 for the 1.375% notes using a reference yield of 0.1240% and a purchase yield of 0.1740% and 122.016 for the 3.25% notes using a reference yield of 0.1420% and a purchase yield of 0.1920%.

BNP Paribas will also pay accrued interest.

SNAM plans to issue a series of new euro-denominated notes, BNP Paribas noted.

The dealer managers are Barclays Bank plc (44 (0)20 3134 8515 or eu.lm@barclays.com), BNP Paribas (44 20 7595 8668 or liability.management@bnpparibas.com), J.P. Morgan Securities plc (44 (0)207 134 2468 or emea_lm@jpmorgan.com), Mediobanca – Banca di Creditor Finanziario SpA (44 2030369653 or MB_LiabilityManagement_CORP@mediobanca.com) and UniCredit Bank AG (49 89 3781 3722 or corporate.lm@unicredit.de).

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

SNAM is a natural gas infrastructure company based in San Donato Milanese, Italy. BNP Paribas is a financial services company based in Paris.

© 2015 Prospect News.
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