BNP Paribas tenders for up to €250 million of Enagas 4¼% notes due 2017

By Susanna Moon

Chicago, Jan. 23 – BNP Paribas said it began a tender offer for up to €250 million of the €750 million 4¼% guaranteed notes due Oct. 5, 2017 issued by Enagaas Financiaciones, SAU and guaranteed by Enagas, SA.

The offer will end at 11 a.m. ET on Jan. 30.

Pricing will be set at 5 a.m. ET on Feb. 2 using the interpolated mid-swap rate minus 5 basis points, according to a press release by BNP.

Holders also will receive accrued interest up to but excluding the settlement date of Feb. 4.

The issuer plans to issue euro-denominated fixed-rate notes under its €4 billion guaranteed euro medium term note program, BNP said.

BNP said that notes purchased under the offer will be transferred to the issuer in exchange for part of the issue of the new notes and in part for cash.

The tender offer is conditioned on the pricing of the new notes and the signing of the subscription agreement, the release noted.

The dealer managers are BNP Paribas (+44 20 7595 8668, email to liability.management@bnpparibas.com, attn: liability management group), Citigroup Global Markets Ltd. (+44 20 7986 8969, email to liabilitymanagement.europe@citi.com, attn: liability management group).

The tender agent is Lucid issuer Services Ltd. (+44 20 7704 0880, attn: David Shilson, email to enagas@lucid-is.com).

Enagas SA is a Madrid-based company active in the energy sector.

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