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Barclays accepts €500 million of Iberdrola’s 3.5% notes, 4.5% notes
By Angela McDaniels
Tacoma, Wash., Oct. 6 – Barclays Bank plc accepted €500 million principal amount of notes in its tender offer for two series of notes issued by subsidiaries of Iberdrola SA, according to a Barclays news release.
Specifically, the company accepted €250 million principal amount of Iberdrola Finanzas, SAU’s €750 million of outstanding 3.5% guaranteed series 92 notes due 2016 and €250 million principal amount of Iberdrola International BV’s €1 billion of outstanding 4.5% guaranteed series 101 notes due 2017.
The notes were accepted for purchase on a pro rata basis. The proration factor is 0.8430 for the 3.5% notes and 0.4365 for the 4.5% notes.
For each €1,000 principal amount, Barclays will pay €1,066.41 for the 3.5% notes and €1,121.71 for the 4.5% notes. Holders will also receive accrued interest.
Pricing was set on Oct. 6 by reference to the 2016 interpolated mid-swap rate for the 3.5% notes and the 2017 interpolated mid-swap rate plus 10 basis points for the 4.5% notes. The purchase yield is 0.197% for the 3.5% notes and 0.354% for the 4.5% notes.
The tender offer began Sept. 25 and ended at 11 a.m. ET on Oct. 3. The settlement date is Oct. 7.
When the offer began, Barclays planned to purchase up to €250 million of the 3.5% notes, and the cap for the 4.5% notes had not been set.
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) were the dealer managers. The tender agent was 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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