Italgas begins tender offers for up to €300 million of 2022, 2024 notes

By Taylor Fox

New York, Feb. 5 – Italgas SpA began tender offers to purchase for cash up to €300 million total of its €268.36 million outstanding €750 million 0.5% notes due Jan. 19, 2022 (ISIN: XS1551917245) and €480,945,000 outstanding €650 million 1.125% notes due March 14, 2024 (ISIN: XS1578294081), according to a notice.

The purchase price of the notes will be determined using a purchase yield of negative 0.45% for the 2022 notes and negative 0.25% on the 2024 notes.

Italgas will also pay interest on the notes accepted for purchase.

If holders tender a greater amount of notes than the maximum acceptance amount, Italgas will accept tenders with priority given to the 2022 notes, subject to proration.

The offers will expire at 11 a.m. ET Feb. 12.

Settlement is expected for Feb. 16.

Italgas also announced plans to issue a series of new euro-denominated fixed rate notes under its €6.5 billion euro medium-term note program. The company said when considering allocation of the new notes it may give preference to existing holders who participate in the tender offer.

BNP Paribas (+33 0155 777894, liability.management@bnpparibas.com), J.P. Morgan AG (liability_management_EMEA@jpmorgan.com) and UniCredit Bank AG (+39 028862 0581, +49 8937 81 8825, agdccorig.uc@unicredit.eu) are the dealer managers for the tender offer.

Lucid Issuer Services Ltd. (+44 20 7704 0880, italgas@lucid_is.com) is the information and tender agent.

Italgas is a specialized distributor of natural gas based in Milan.

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