BBVA tenders for up to €500 million across three series issued by Iberdrola

By Jennifer Chiou

New York, Jan. 14 – Banco Bilbao Vizcaya Argentaria, SA announced the start of its tender offer for the following notes listed in order of acceptance priority:

• €500 million of outstanding 3.5% series 92 guaranteed notes due Oct. 13, 2016 issued by Iberdrola Finanzas, SAU;

• €750 million of outstanding 4.5% series 101 guaranteed notes due Sept. 21, 2017 issued by Iberdrola International BV; and

• €750 million of outstanding 5.625% series 77 guaranteed notes due Mai 9, 2018 issued by Iberdrola Finanzas.

The notes are guaranteed by Iberdrola SA.

BBVA said it will accept up to €500 million of notes in total.

The purchase price will be calculated using the 2016 interpolated mid-swap rate minus a spread of 10 bps for the 3.5% notes, the 2017 interpolated mid-swap rate plus a spread of zero bps for the 4.5% notes and the 2018 interpolated mid-swap rate plus a spread of 7 bps for the 5.625% notes.

BBVA will also pay accrued interest to the Jan. 26 settlement date.

The offer deadline is 11 a.m. ET on Jan. 21.

BBVA (44 20 7648 7516 or 44 20 7397 6125; liabilitymanagement@bbva.com), Banca IMI SPA (39 02 7261 4782; Liability.Management@bancaimi.com) and Citigroup Global Markets Ltd. (40 20 7986 8969; liabilitymanagement.europe@citi.com) are the dealer managers.

The tender agent is Lucid Issuer Services Ltd. (attn: Victor Parzyjagla / David Shilson at 44 20 7704 0880; iberdrola@lucid-is.com).

The bank and finance company is based in Bilbao, Spain.

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