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Prospect News home > News index > List of issuers T > Headlines for Tenders 2010 > News item
Published on 12/1/2010 in the Prospect News Liability Management Daily.

Centrica accepts £150.61 million, €353.44 million of tendered notes

By Angela McDaniels

Tacoma, Wash., Dec. 1 - Centrica plc announced the results and pricing of the tender offer for its £400 million of 5.875% notes due 2012, €750 million of 7.125% notes due 2013 and £350 million of 5.125% notes due 2014.

The company accepted £115,501,000 of the 5.875% notes, €353,437,000 of the 7.125% notes and £35,109,000 of the 5.125% notes, according to a company news release.

The notes accepted represent all of the 5.875% notes and 7.125% notes and 50% of the 5.125% notes that were tendered non-competitively, meaning they were tendered with instructions that did not specify a purchase spread or specified a purchase spread that was greater than or equal to the relevant maximum purchase spread.

The company did not accept any notes that were tendered competitively.

The offer ended at 10 a.m. ET on Nov. 30.

The company will pay 107.508 for the 5.875% notes, 114.908 for the 7.125% notes and 109.324 for the 5.125% notes. Holders will also receive accrued interest.

Settlement is slated for Dec. 6.

The payouts were determined using the 5% U.K. Treasury gilt due 2012 plus a spread of 115 basis points for the 5.875% notes, the interpolated mid-swap rate plus 15 bps for the 7.125% notes and the 5% U.K. Treasury gilt due 2014 plus 100 bps for the 5.125% notes.

The purchase yield is 1.822% for the 5.875% notes, 1.972% for the 7.125% notes and 2.627% for the 5.125% notes.

HSBC Bank plc (44 20 7991 5110/1444) and the Royal Bank of Scotland plc (44 20 7085 3781/5991) were the dealer managers. Lucid Issuer Services Ltd. was the tender agent (44 20 7704 0880).

The company is a gas distributor based in Windsor, England.


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