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ACEA prices tender for 3.75%, 4.5% notes, meets financing condition
By Susanna Moon
Chicago, Oct. 24 – ACEA SpA said it priced the tender offer for its €600 million of 3.75% notes due Sept. 12, 2018 and its €500 million of 4.5% notes due March 16, 2020.
The purchase price for each €1,000 principal amount will be €1,072.68 for the 3.75% notes and €1,152.63 for the 4.5% notes, according to a company update.
Pricing was 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.
Holders had tendered €269,611,000 of the 3.75% notes and €77,225,000 of the 4.5% notes.
As announced Oct. 19, investors tendered €346,836,000 of the two series of notes in the offer that ended at noon ET on Oct. 18.
ACEA accepted for purchase all of the tendered notes with no proration on Monday after meeting the new notes condition.
After settlement, there is left outstanding €330,389,000 of the 3.75% notes and €422,775,000 of the 4.5% notes.
As announced Oct. 12, the issuer was tendering for up to €300 million of the two series of notes.
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 multi-utility company manages and develops networks and services in the areas of water, energy and the environment.
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