Enel Finance tenders for five series of euro-denominated notes

By Jennifer Chiou

New York, Oct. 20 – Enel Finance International NV announced the start of its tender offers for five series of notes.

According to a filing from the London Stock Exchange, the company is tendering for up to €500 million of the following first-priority notes:

• €1.5 billion of 4% notes due Sept. 14, 2016;

• €1 billion of 3.625% notes due April 17, 2018; and

• €1 billion of 5.75% notes due Oct. 24, 2018.

Enel Finance will later determine a cap for the following second-priority notes:

• €1.25 billion of 4.625% notes due June 24, 2015; and

• €1 billion of 4.125% notes due July 12, 2017.

The offers will end on Oct. 27, and pricing will be set on Oct. 28.

Enel said it will pay a fixed purchase price of €1,030 for each €1,000 of 4.625% notes. It will use the interpolated mid-swap rate plus 0 bps for the 4% notes, plus 25 bps for the 3.625% notes, plus 35 bps for the 5.75% notes and plus 25 bps for the 4.125% notes.

The company will also pay accrued interest.

Settlement is anticipated for Oct. 31.

Holders may tender a minimum of €50,000 of 4% notes and €100,000 of the other series of notes.

The tender agent is Lucid Issuer Services Ltd. (attn: Paul Kamminga/ Thomas Choquet; 44 20 7704 0880; enel@lucid-is.com).

The dealer managers are Barclays Bank plc (attn: liability management group; 44 20 3134 8515; eu.lm@barclays.com), BNP Paribas (attn: liability management group; 44 20 7595 8668; liability.management@bnpparibas.com), ING Bank NV (attn: liability management group; 32 2 557 1604; liabilitymanagement@ing.be), J.P. Morgan Securities plc (attn: liability management; 44 20 7134 3414; emea_lm@jpmorgan.com), Mediobanca - Banca di Credito Finanziario SpA (attn: debt capital markets; MB_DCM_CORPORATE_IT@mediobanca.com), Mitsubishi UFJ Securities International plc (attn: liability management group; 44 20 7577 2767; DCM-LiabilityManagement@int.sc.mufg.jp), Societe Generale (attn: liability management; 44 20 7676 7579; liability.management@sgcib.com) and the Royal Bank of Scotland plc (attn: liability management; 44 20 7085 3781; liabilitymanagement@rbs.com),

The issuer is based in Amsterdam and is the subsidiary of Enel SpA, a Rome, Italy-based electric utility company.

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