Societe Generale to buy back €300 million of 6.25% notes issued by ESB

By Susanna Moon

Chicago, June 2 – Societe Generale said investors had tendered €407,546,000 of the 6.25% notes due Sept. 11, 2017 and €319,553,000 of the 4.375% notes due Nov. 21, 2019 issued by ESB Finance Ltd.

Societe Generale said it expects to accept tenders for €300 million of the 6.25% notes, with a pro rata scaling factor of 74.0341%, and none of the 4.375% notes.

Societe Generale will purchase the 6.25% notes at 113.924% of par, according to a press release.

The tender offer ended at 11 a.m. ET on May 29, with settlement set for June 3.

Societe Generale said on May 21 that it was targeting a total of €300 million of the €600 million 6.25% notes and the €500 million 4.375% notes issued by ESB Finance and guaranteed by Electricity Supply Board.

Pricing for the 6.25% notes was set using the 2017 notes interpolated mid-swap rate, 0.115%, plus 0 basis points.

Pricing was set at 9 a.m. ET on the business day after the offer expired to reflect a yield to maturity of the notes on the settlement date based on its purchase yield.

The company also will pay accrued interest.

Electricity Supply Board plans to issue a series of new euro-denominated fixed-rate notes under its €3 billion euro medium-term note program, according to a previous press release.

Barclays Bank plc (+44 20 3134 8515, eu.lm@barclays.com) and Societe Generale (+44 20 7676 7579, liability.management@sgcib.com) are the joint dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880, esb@lucid-is.com) is the tender agent.

Electricity Supply Board is a Dublin-based electricity utility.

© 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.