NorteGas accepts tenders for €175 million of notes due 2027

By Rebecca Melvin

New York, July 24 – NorteGas Energia Distribucion SAU gave the results of its tender offer for up to €175 million of its €750 million 2.065% guaranteed notes due 2027 (ISIN: XS1691349952) and its €550 million 0.918% guaranteed notes due 2022 (XS1691349796), according to an announcement.

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

The issuer has accepted for purchase €175 million principal amount of the 2027 notes, or 83.1328% of the offers made to sell that issue, and none of the 2022 notes, which were the second priority level, subject to proration.

Pricing of the 2027 notes was set on Friday at 108.575% of par. It was set using the June 2027 interpolated mid-swap rate plus a purchase spread of 110 basis points.

The tender offer expired at 11 a.m. ET on July 23 and will be settled on July 27.

Dealer managers for the offers were 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 20 7704 0880, nortegas@lucid-is.com) was the tender agent.

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

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