Holding d’Infrastructures de Transport wraps tender offer for 5.75% notes due 2018

By Toni Weeks

San Luis Obispo, Calif., Sept. 19 – Barclays Bank plc announced it has accepted for purchase €400 million principal amount of the €1.15 billion 5.75% notes due March 9, 2018 guaranteed by Holding d’Infrastructures de Transport and issued by HIT Finance BV. The bank used a pro-ration factor of 0.6572 for the oversubscribed offer, according to a press release.

The company began the tender offer on Sept. 10 to purchase €400 million of the notes, saying it planned to exchange the notes that it purchased for new notes to be issued by Holding d’Infrastructures de Transport. Notes that were purchased were then to be canceled. The offer ended at 11 a.m. ET on Sept. 18.

Pricing for the offer was determined at 9 a.m. ET on Sept. 19 by reference to the sum of the interpolated mid-swap rate of 0.319% plus 15 basis points for a purchase yield of 0.469%, resulting in a price of 118.081.

Holders will also receive accrued interest of €31.03 per €1,000 of notes.

Settlement is expected Sept. 22.

Holders had to tender at least €100,000 principal amount of notes in order to participate.

The dealer managers were Barclays (44 203 134 8515 or eu.lm@barclays.com), BNP Paribas (44 20 7595 8668 or liability.mangement@bnpparibas.com) and Societe Generale (44 (0) 20 7676 7579 or liability.management@sgcib.com). The tender agent was Bank of New York Mellon (44 12 0268 9644 or debtrestructuring@bnymellon.com).

Holding d’Infrastructures de Transport builds and maintains toll roads and is based in Issy Les Moulineaux, France.

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