Italgas accepts all €255.67 million tenders for 2022, 2024 notes

By Taylor Fox

New York, Feb. 16 – Italgas SpA announced the final results of its tender offers to purchase for cash up to €300 million total of its €268.36 million outstanding 0.5% notes due Jan. 19, 2022 (ISIN: XS1551917245) and €480,945,000 outstanding 1.125% notes due March 14, 2024 (ISIN: XS1578294081), according to a notice.

As of the 11 a.m. ET Feb. 12 expiration time, Italgas received tenders for €156,053,000 of the 2022 notes and €99,619,000 of the 2024 notes.

The company plans to accept the full amount of tendered notes.

The 2022 notes will be purchased at 100.881, and the 2024 notes will be purchased at 104.245.

As previously reported, the purchase price of the notes was 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.

Settlement is expected for Feb. 16.

Following the purchase, €112,307,000 of the original €750 million of 2022 notes and €381,326,000 of the original €650 million of 2024 notes will remain outstanding.

BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), J.P. Morgan AG (liability_management_EMEA@jpmorgan.com) and UniCredit Bank AG (+39 02 8862 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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