By Susanna Moon
Chicago, Jan. 22 – Enel Finance International NV said it priced the exchange offer for six series of euro-denominated notes.
In the exchange offer, the company will issue €1,462,603,000 of 1.966% notes due Jan. 27, 2025 at par, which priced with a reference rate of 0.816%, new notes spread of 115 basis points and new notes yield of 1.966%, according to a company press release.
The total aggregate cash rounding amount will be equal to €579,821.13.
The company accepted for purchase the following amounts:
• €188,196,000 of the €1,269,796,000 outstanding €1.5 billion 4% notes due Sept. 14, 2016;
• €264,635,000 of the €961,866,000 outstanding €1 billion 4.125% notes due July 12, 2017;
• €206,238,000 of the €773,331,000 outstanding €1 billion 3.625% notes due April 17, 2018;
• €186,975,000 of the €788,163,000 outstanding €1 billion 5.75% notes due Oct. 24, 2018;
• €396,365,000 of the €1 billion outstanding €1 billion 4.875% notes due March 11, 2020; and
• €186,904,000 of the €750 million outstanding €750 million 5% notes due July 12, 2021.
In exchange, the company will issue the following amount of new notes:
• €149.33 million for 4% notes due Sept. 14, 2016;
• €231,318,000 for 4.125% notes due July 12, 2017;
• €227,887,000 for 3.625% notes due April 17, 2018;
• €176.35 million for 5.75% notes due Oct. 24, 2018;
• €441,927,000 for 4.875% notes due March 11, 2020; and
• €235,791,000 for 5% notes due July 12, 2021.
Pricing details
Pricing was set at 6 a.m. ET on Jan. 22 using the interpolated mid-swap rate plus an exchange spread and cash amount per €1,000 principal amount for an exchange price as follows:
• 106.381% for the 4% notes, priced using a spread of negative 5 bps plus €270; the reference rate was 0.131%, the exchange yield was 0.081%, the exchange ratio was 1.06381, and the cash amount was €50,812,920;
• 109.444% for the 4.125% notes, 10 bps plus €220; the reference rate was 0.16%, the exchange yield was 0.26%, the exchange ratio was 1.09444, and the cash amount was €58,219,700;
• 110.557% for the 3.625% notes, 12 bps plus €0; the reference rate was 0.203%, the exchange yield was 0.323%, the exchange ratio was 1.10557 with no cash amount;
• 119.855% for the 5.75% notes, 15 bps plus €255; the reference rate was 0.241%, the exchange yield was 0.391%, the exchange ratio was 1.19855, and the cash amount was €47,678,625;
• 121.034% for the 4.875% notes, 32 bps plus €95; the reference rate was 0.359%, the exchange yield was 0.679%, the exchange ratio was 1.21034, and the cash amount was €37,654,675; and
• 126.199% for the 5% notes, 33 bps plus €0; the reference rate was 0.486%, the exchange yield was 0.816%, the exchange ratio was 1.26199 with no cash amount.
New notes issue
Enel said on Jan. 20 that it will issue new notes due Jan. 27, 2025 in the exchange offer for six series of euro-denominated notes.
The company also set the minimum new notes spread at 115 bps.
In exchange for each series of notes issued by Enel Finance and guaranteed by Enel SpA, the company offered 10-year euro-denominated senior notes and, for four series of notes, a cash amount.
The exchange offer revocation deadline was 9 a.m. ET on Jan. 21, and the exchange offer ended at 11 a.m. ET on Jan. 21. The offer began on Jan. 14.
The new notes will be issued in denominations of €100,000 and integral multiples of €1,000 after that.
The minimum tender denomination is €50,000 for the 4% notes and €100,000 for the remaining series and multiples of €1,000 after that.
Settlement has been set for Jan. 27.
More offer details
The dealer managers are
• Banca IMI SpA (+39 02 72 61 47 82, fax +39 02 72 61 22 20, attn: liability management group);
• Citigroup Global Markets Ltd. (+44 20 7986 8969, attn: liability management group, e-mail liabilitymanagement.europe@citi.com);
• Credit Agricole CIB (+44 20 7214 7440, attn: Cyril Chatelain, e-mail: liability.management@ca-cib.com);
• Deutsche Bank AG, London Branch (+44 20 7545 8011, fax +44 11 3336 2418, attn: liability management group, e-mail: liability.management@db.com);
• HSBC Bank plc (+44 20 7992 6237, attn: liability management group, e-mail: liability.management@hsbcib.com);
• J.P. Morgan Securities plc (+44 20 7134 3414, attn: liability management, e-mail: emea_lm@jpmorgan.com);
• Merrill Lynch International (attn: John Cavanagh/Kulwant Bhatti, +44 207 995 3715 / +44 207 995 2929, e-mail: john.m.cavanagh@baml.com / kulwant.bhatti@baml.com);
• Mizuho International plc (+44 20 7090 6474, fax +44 20 7651 2924, attn: liability management, e-mail: liabilitymanagement@uk.mizuho-sc.com);
• Natixis (attn: liability management, Tel: +39 (0)2 00 66 71 54, e-mail: liability.management-corporate@natixis.com);
• SMBC Nikko Capital Markets Ltd. (+44 (0)20 3527 7000, attn: transaction management, e-mail: lntm@smbcnikko-cm.com); and
• UniCredit Bank AG (+39 02 8862 0581 / +49 89 378 13722, fax +49 89 378 33 159 64, attn: DCM Italy, liability management, e-mail: dcmitaly@unicredit.eu; corporate.lm@unicredit.de).
The exchange agent is Lucid Issuer Services Ltd. (+44 (0) 20 7704 0880, attn: Paul Kamminga, e-mail: enel@lucid-is.com).
The issuer is based in Amsterdam and is a subsidiary of Enel SpA, a Rome-based electric utility company.
New notes
| Issuer: | Enel Finance International NV
|
| Guarantor: | Enel SpA
|
| Issue: | Notes
|
| Amount: | €1,462,603,000
|
| Maturity: | Jan. 27, 2025
|
| Coupon: | 1.966%
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 27
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
