Verbund to buy back €146.54 million of 4.75% notes at 115.79 in offer

By Susanna Moon

Chicago, Oct. 16 – Verbund AG said holders tendered €146,535,000 of its 4.75% notes due 2019 into its offer to buy the securities.

The tender ended at 10 a.m. ET on Oct. 15, with settlement set for Oct. 20.

The purchase price was set at 115.79% of par, or €1,157.90 per €1,000 principal amount, according to a press release.

Pricing was set on Oct. 16 using the interpolated mid-swap rate plus a purchase spread of 30 basis points.

The company also will pay accrued interest of €12.46 per €1,000 of notes.

As announced Oct. 7, the company tendered for up to €300 million of the 4.75% notes.

There was €830 million of the notes outstanding at the start of the offer, and €840 million of the notes were originally issued.

The tender agent is Lucid Issuer Services Ltd. (+44 207 704 0880 or verbund@lucid-is.com). The dealer managers are BofA Merrill Lynch (+44 0 207 996 5698 or christopher.dodman@baml.com) and Erste Group Bank AG (+43 0 5 0100 84014 or peter.panser@erstegroup.com).

Verbund is a Vienna-based electricity company.

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