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GDF Suez begins tender offer for up to 750 million of six note series
By Susanna Moon
Chicago, May 27 GDF Suez said it began a tender offer for up to 750 million principal amount of six series of notes.
The company is tendering for six series of notes, with pricing for each 1,000 principal amount to be set at 5 a.m. ET on June 3 as follows:
1 billion (564,213,000 outstanding) 2.75% notes due October 2017 with pricing to be set using the October 2017 notes interpolated mid-swap rate minus 10 basis points;
1 billion (728,567,000 outstanding) 2.25% notes due June 2018 with pricing to be set using the June 2018 notes interpolated mid-swap rate less 10 bps;
£700 million (£525,350,000 outstanding) 6.125% notes due February 2021 with pricing to be set using the February 2021 notes interpolated mid-swap rate plus 20 bps;
750 million (661,327,000 outstanding) 2.625% notes due July 2022 with pricing to be set using the July 2022 notes interpolated mid-swap rate plus 8 bps;
1 billion (761,889,000 outstanding) 3.5% notes due October 2022 with pricing to be set using the October 2022 notes interpolated mid-swap rate plus 9 bps; and
1 billion outstanding 3% notes due February 2023 with pricing to be set using February 2023 notes interpolated mid-swap rate plus 10 bps.
The tender offer will end at 10 a.m. ET on June 2, with settlement following on June 5.
The company also will pay accrued interest to but excluding the settlement date.
The joint dealer manager and lead structuring adviser is Societe Generale (+33 1 42 13 32 40 or liability.management@sgcib.com). The joint dealer manager and structuring adviser is Royal Bank of Scotland plc (+44 0 207 085 5991, fax: +44 0 207 085 5510 or liabilitymanagement@rbs.com).
The other joint dealer managers are Banca IMI SpA (+390272615938 or Liability.Management@bancaimi.com). Lloyds Bank plc (+44 0 20 7158 2720, fax +44 0 20 7158 3252 or liability.management@lloydsbanking.com).
The joint dealer managers are Mitsubishi UFJ Securities International plc (+ 44 (0)20 7577 2767, fax + 44 (0)20 7577 2326 or DCM-LiabilityManagement@int.sc.mufg.jp).
The tender agent for the tender offer will be Societe Generale (+33 2 51 85 52 43, fax +33 2 51 85 57 20 or nantes.gis-op-titres@sgss.socgen.com). The information agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or gdfsuez@lucid-is.com).
The tender offer is intended to optimize the companys cost of debt and balance sheet structure, according to a company press release.
GDF Suez is an electric utility based in Paris.
© 2015 Prospect News.
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