Barclays tenders for two series of Iberdrola notes due 2016 and 2017

By Jennifer Chiou

New York, Sept. 25 – Barclays Bank plc announced the launch of its tender offer for Iberdrola Finanzas, SAU’s €750 million of outstanding 3.5% guaranteed series 92 notes due Oct. 13, 2016 and Iberdrola International BV’s €1 billion of outstanding 4.5% guaranteed series 101 notes due Sept. 21, 2017.

Both series are guaranteed by Iberdrola SA.

Barclays is tendering for up to €250 million of the 3.5% notes. The maximum amount of notes to be accepted in the offer overall has yet to be announced.

The offer will end at 11 a.m. ET on Oct. 3.

Pricing will be set using the 2016 interpolated mid-swap rate for the 3.5% notes and the 2017 interpolated mid-swap rate plus a spread of 10 bps for the 4.5% notes.

Pricing will be set on Oct. 6.

Settlement is anticipated on Oct. 7.

Barclays (44 20 3134 8515 or eu.lm@barclays.com), Mizuho International plc (44 20 7090 6474 or liabilitymanagement@uk.mizuho-sc.com) and Credit Agricole CIB (44 20 7214 7440 or liability.management@ca-cib.com) are the dealer managers.

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

Iberdrola is a utility company based in Bilbao, Spain.

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