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EIB buys £675 million floaters due 2015, 2016 in one-day tender offer
By Susanna Moon
Chicago, Feb. 25 - European Investment Bank said it accepted for purchase £550 million of its floating-rate bonds due February 2015 and £125 million of its floating-rate bonds due January 2016.
Early Tuesday, the company announced a tender offer for up to of two series of notes, which will be funded by a new issue of bonds, originally expected to price Tuesday and now pushed back to Wednesday.
The company offered to repurchase a maximum amount of its £3.6 billion floaters due February 2015 and its £3.45 billion floaters due January 2016, with the amount to be set with pricing of the new issue, according to a company press release.
Later the same the day, the company said it would purchase up to £675 million of the two series of the floaters. The new issue will settle on March 7.
The tender offer began Tuesday and ended at 5:30 a.m. ET the same day, with settlement set for March 3.
The purchase price for each £1,000 nominal amount will be £1,000.69 for the floaters due 2015 and £1,000.04 for the floaters due 2016.
The company also will pay accrued interest to the settlement date.
The offer does not have a minimum tender condition, but does require pricing of the new bonds.
European Investment Bank set price guidance for its planned dollar-denominated offering of three-year notes on Tuesday to yield mid-swaps plus 5 basis points, as reported by Prospect News.
Deutsche Bank AG, London Branch (attn: liability management group, +44 207 545 8011, fax +44 113 223 6121 or email liability.management@db.com) and HSBC Bank plc (attn: liability management group, +44 20 7992 6237 or email liability.management@hsbcib.com) are the dealer managers.
Luxembourg-based European Investment Bank is the bank for the European Union.
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