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Prospect News home > News index > List of issuers Tenders > Headlines for 2014 > News item
Published on 12/1/2014 in the Prospect News Liability Management Daily.

GDF Suez tenders for up to €750 million of notes from five series

New York, Dec. 1 – GDF Suez announced the start of a tender offer in which will pay up to €750 million to buy notes from five series.

The securities covered by the offer are GDF Suez’s €651,284,000 of 2.75% notes due October 2017, £700 million of 6.125% notes due February 2021, €750 million of 2.625% notes due July 2022, €1 billion of 3.5% notes due October 2022 and €1 billion of 3% notes due February 2023.

Pricing for the notes will be set using a spread over a benchmark. For the 2.75% notes it will be mid-swaps minus 20 basis points, for the 6.125% notes it will be mid-swaps plus 30 bps, for the 2.625% notes it will be mid-swaps plus 7 bps, for the 3.5% notes it will be mid-swaps plus 10 bps and for the 3% notes it will be mid-swaps plus 18 bps.

GDF Suez will also pay accrued interest up to but excluding the settlement date, expected to be Dec. 9.

The tender prices will be announced at 8 a.m. ET on Dec. 5.

The tender ends at 10 a.m. ET on Dec. 4.

GDF Suez said it is carrying out the tender to optimize its cost of debt and its balance-sheet structure.

BofA Merrill Lynch (+44 20 7995 3715, +44 20 7995 2929, john.m.cavanaugh@baml.com or kulwant.bhatti@baml.com) and Societe Generale (+33 1 42 13 32 40 or liability.management@sgcib.com) are joint dealer managers and structuring advisors and ING Bank NV, Belgian Branch (+31 20 563 2132 or liabilitymanagement@ing.be), Mizuho International plc (+44 20 7090 6474 or liabilitymanagement@uk.mizuho-sc.com) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de) are joint dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or gdfsuez@lucid-is.com) is the information agent.

GDF Suez is an electric utility based in Paris.


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