BNP Paribas collects tenders for €277.53 million of Bord Gais notes

By Susanna Moon

Chicago, Nov. 28 - BNP Paribas SA said investors tendered €277,525,000 of the €550 million 5.75% notes due June 16, 2014 issued by Bord Gais Eireann by the end of the offer at 11 a.m. ET on Nov. 27.

The company will pay 106.925% of par for the notes, with settlement slated for Nov. 30, according to a press release by BNP.

Holders also will receive accrued interest.

Pricing was set at 6 a.m. ET on Nov. 28 using the yield of the interpolated reference rate plus a spread of 70 basis points. The interpolated reference rate, which was 0.487%, was set by means of linear interpolation of the 12-month Euribor rate and the two-year mid-swap rate.

The purchase yield was 1.187%.

The purchase price is equal to the value of all remaining payments of principal and interest on the notes up to and including maturity, discounted to the settlement date at a rate equal to the purchase yield, minus accrued interest.

The purpose of the offer was "to take advantage of currently favorable market conditions to lengthen and smooth the debt maturity profile of the company," according to a press release announcing the offer.

The company said at the time that it planned to issue a series of new euro-denominated fixed-rate notes under its €2 million euro medium-term note program and that the offer was conditioned on completion of the new issue. BNP followed up on Nov. 28 to note that the condition was satisfied.

Barclays Bank plc (+44 20 7773 8990, attn.: liability management group, email eu.lm@barclays.com), BNP Paribas SA (+44 20 7595 8668, attn.: liability management group, email liability.management@bnpparibas.com) and HSBC Bank plc (+44 20 7992 6237, attn.: liability management group, email: liability.management@hsbcib.com) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880; attn.: Thomas Choquet, email bordgais@lucid-is.com) is the tender agent.

BNP Paribas is a financial services company based in Paris.

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