ACEA to buy €346.8 million 3.75%, 4.5% notes in oversubscribed tender

By Susanna Moon

Chicago, Oct. 19 – ACEA SpA said investors tendered €346,836,000 of its €600 million of 3.75% notes due Sept. 12, 2018 and its €500 million of 4.5% notes due March 16, 2020 in the offer that ended at noon ET on Oct. 18.

ACEA plans to accept for purchase all €346,836,000 principal amount of the notes with no proration if it meets the new notes condition, according to a notice.

Specifically, the company plans to purchase €269,611,000 of the 2018 notes and €77,225,000 of the 2020 notes, with settlement on Oct. 24.

As announced Oct. 12, the issuer was tendering for up to €300 million of the two series of notes.

Pricing will be set using a fixed purchase yield of negative 10 basis points for the 2018 notes and zero for the 2020 notes. The purchase price will be 107.268 for the 2018 notes and 115.263 for the 2020 notes, assuming a settlement date of Oct. 24.

Barclays (+44 20 3134 8515 or eu.lm@barclays.com), BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and Deutsche Bank (+44 20754 58001 or liability.management@db.com) are the global coordinators and dealer managers. Banca IMI (+39 02 72 61 59 38 or liability.management@bancaimi.com) and Credit Agricole CIB (+44 207 214 5733 or liability.management@ca-cib.com) are also dealer managers.

Lucid Issuer Services Ltd. (Attn: David Shilson, +44 20 7704 0880 or acea@lucid-is.com) is the tender agent.

Based in Rome, the mulit-utility company manages and develops networks and services in the areas of water, energy and the environment.

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