NorteGas starts tender for up to €175 million of notes due 2022, 2027

Chicago, July 15 – NorteGas Energia Distribucion SAU started a tender offer for its €750 million 2.065% guaranteed notes (ISIN: XS1691349952) due 2027 and its €550 million 0.918% guaranteed notes (XS1691349796) due 2022, according to an announcement.

The notes are guaranteed by NED Espana Distribucion Gas, SAU and NED Suministro GLP, SAU.

The issuer is offering to buy back up to €175 million principal amount of the notes, with the 2027 notes at the first priority acceptance level and the 2022 notes at the second priority level, subject to proration.

Pricing for the 2027 notes will be set using the June 2027 interpolated mid-swap rate plus a purchase spread of 110 basis points.

Pricing for the 2022 notes will be set using the June 2022 interpolated mid-swap rate plus a purchase spread of 95 bps.

The expiration for the offers is 11 a.m. ET on July 23.

The acceptance date is expected for July 24 with pricing expected around 8 a.m. ET.

Settlement is expected for July 27.

Dealer managers for the offers are Banco Santander SA (+44 7418 709 688, +44 7742 403 679, adam.crocker@santandercib.co.uk, adam.crocker@santandercib.co.uk), Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) and ING Bank NV (+44 20 7767 6784, liability.management@ing.com).

Lucid Issuer Services Ltd. (+44 207 704 0880, nortegas@lucid-is.com) is the tender agent.

NorteGas is the second largest gas distribution company in Spain. Headquarters for the company are in Asturias.

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