Naturgy gives final results of tender offer for €1 billion notes

By Sarah Lizee

Olympia, Wash., Nov. 27 – Naturgy Capital Markets, SA and Naturgy Finance BV announced the final results of its cash tender offer for up to €1 billion of several series of notes.

The offer expired at 11 a.m. ET on Nov. 26.

The issuer said it accepted the following amounts of tendered notes for purchase:

• €36.15 million of the €590.55 million of 5.125% guaranteed notes due November 2021 with a purchase yield of negative 0.3% for a purchase price of 110.511;

• €257.7 million of the €1 billion of 1.125% guaranteed notes due April 2024 with pricing set using the January 2024 interpolated mid-swap rate plus 15 basis points for a purchase price of 105.188;

• €23.3 million of the €299.6 million of 3.5% guaranteed notes due April 2021 with a purchase yield of negative 0.35% for a purchase price of 105.336;

• €37.3 million of the €491 million of 3.875% guaranteed notes due 2022 with a purchase yield of negative 0.25% for a purchase price of 109.814;

• €65.6 million of the €462 million of 3.875% guaranteed notes due 2023 with a purchase yield of negative 0.15% for a purchase price of 112.666;

• €45.7 million of the €200 million of 2.625% guaranteed notes due May 2023 with a purchase yield of negative 0.1% for a purchase price of 109.402;

• €88.2 million of the €500 million of 2.875% guaranteed notes due March 2024 with pricing set using the March 2024 interpolated mid-swap rate plus 15 bps for a purchase price of 112.881; and

• €99.4 million of the €500 million of 1.375% guaranteed notes due January 2025 with pricing to be set using the January 2025 interpolated mid-swap rate plus 15 bps for a purchase price of 107.53.

Holders will also receive accrued interest.

The 5.125% guaranteed notes due November 2021 and 1.125% guaranteed notes due April 2024 were issued by Naturgy Capital, and the remaining series were issued by Naturgy Finance.

The notes are guaranteed by Naturgy Energy Group, SA.

The issuers reserve the right to determine the allocation of the maximum purchase amount between one or more series in their discretion, and reserve the right to accept significantly more or less of the notes of one series as compared to any of the other series up to the maximum purchase amount.

Naturgy intends to issue under its €15 billion euro medium-term note program new euro-denominated fixed-rate notes, subject to market conditions. The tender offer is conditioned on the new financing, but the condition may be waived.

Noteholders who wish to subscribe for new notes in addition to tendering their notes for purchase may be eligible to receive, at the sole discretion of Naturgy, priority in the allocation of the new notes.

Naturgy said the purpose of the new issue and tender offer is to extend its debt maturity profile in an efficient manner.

The joint dealer managers for the tender offer are CaixaBank, SA (+34 91 700 56 08 09 10, mlafont@caixabank.com, araguilar@caixabank.com, natalia.garcia@caixabank.com or lst.originacion.rf@lacaixa.es), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Credit Agricole CIB (+44 20 7214 5903 or liability.management@ca-cib.com).

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or naturgy@lucid-is.com).

Naturgy issues preference shares and other financial debt instruments, with the guarantee of Gas Natural SDG. The company is based in Barcelona.

© 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.