Verbund begins tender for up to €300 million of 4.75% notes due 2019

By Susanna Moon

Chicago, Oct. 7 – Verbund AG said it began a tender offer for up to €300 million of its 4.75% notes due 2019.

Pricing will be set on Oct. 16 using the interpolated mid-swap rate plus a purchase spread of 30 basis points.

The company also will pay accrued interest.

The tender offer will end at 10 a.m. ET on Oct. 15, with settlement set for Oct. 20.

The company will accept tendered notes for purchase up to the cap, which may be increased or decreased, according to a press release.

If the aggregate purchase price exceeds the maximum amount, the company said it will accept tendered notes on a pro rata basis.

There is €830 million of the notes outstanding, and €840 million of the notes were issued.

The company is tendering for the notes for liability management purposes, the release noted.

The tender agent is Lucid Issuer Services Ltd. (Thomas Choquet, +44 207 704 0880 or verbund@lucid-is.com). The dealer managers are BofA Merrill Lynch (Chris Dodman, +44 0 207 996 5698 or christopher.dodman@baml.com) or Erste Group Bank AG (Peter Panser, +43 0 5 0100 84014 or peter.panser@erstegroup.com).

Verbund is a Vienna-based electricity company.

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