Alis wraps tender offer for three index-linked notes; pricing set

By Susanna Moon

Chicago, July 28 – Alis Finance ARL announced the results of the tender offer and consent solicitation for three series of index-linked notes that ran until 4 a.m. ET on July 26.

The issuer is a special purpose entity formed for the purpose of issuing notes to raise capital for the Societe Autoroute de Liaison Seine Sarthe (Alis).

Investors had tendered the following amounts, according to a company notice, with pricing for each €1,000 principal amount set at 6 a.m. ET on July 28 using a benchmark security plus a purchase spread:

• €75,896,000 of the €80.5 million class A1 index-linked notes due 2017 at a purchase price of 104.509% using the OATi 2017 plus 20 basis points for a repurchase yield of negative 0.605% and a benchmark yield of negative 0.805% with early premium of €12.00;

• €163.92 million of €180 million class A2 index-linked notes due 2027 at a purchase price of 140.905% using the OATi 2023 and OATi 2029 plus 135 bps for a repurchase yield of 0.427% and a benchmark yield of negative 0.923% with early premium of €47.99; and

• €144,718,000 of the €200 million class A3 index-linked notes due 2032 at a purchase price of 151.716% using the OATi 2029, OATei 2032 and OATei 2027 plus 165 bps for a repurchase yield of 0.830% and a benchmark yield of negative 0.820% with early premium of €59.98.

The purchase price is the clean price applied to the index nominal amount using an index ratio of 1.199690.

The total purchase includes an early tender premium per €1,000 principal amount of notes tendered by the early date of 11 a.m. ET on July 20.

The company also will pay accrued interest.

Settlement has been slated for Aug. 3.

The issuer said it will exercise the early redemption option on the notes not tendered in the offers.

As announced July 6, holders who submitted tender instructions also were sending votes in favor of the proposal at the meeting on July 28 in London.

In the consent solicitation, holders were asked for permission to add a call option to redeem all but not some only of the notes on completion of the offers at an amount equal to the early redemption amount.

The company was making the offers “to adapt the senior debt profile of Alis to the long term nature of the A28 motorway concession that it operates,” according to a previous notice.

Alis said it “has carried out market soundings” and has had preliminary talks with class A noteholders representing about €333 million, or 72%, of the aggregate principal amount of the outstanding notes.

The joint dealer managers are Deutsche Bank AG, London Branch (+44 207 545 8011 or liability.management@db.com) and HSBC Bank plc (+44 207 992 6237 or liability.management@hsbcib.com). The tender and information agent is D.F. King (+44 20 7920 9700, +852 3953 7230 or alis@dfkingltd.com or sites.dfkingltd.com/alis).

The trustee is Law Debenture Trustees Ltd. (+44 20 7606 5451 or fax +44 20 7606 0643).

The principal paying agent is KBL European Private Bankers SA (+352 4797 2679 or KBLUX-NEWISSUES.IFIMA@kbl-bank.com).

Alis Finance is based in St Helier, Jersey, Channel Islands.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.