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A2A aims to buy back 200 million 4.5% notes, 4.375% notes in tender
By Susanna Moon
Chicago, Oct. 11 A2A SpA is tendering for up to 200 million principal amount of its 567,525,000 outstanding 4.5% notes due Nov. 28, 2019 and its 429.98 million outstanding 4.375% notes due Jan. 10, 2021.
The tender will end at 11 a.m. ET on Oct. 18, with the 4.5% notes given priority over the 4.375% notes.
Pricing for the 4.5% notes will be set using a purchase yield of negative 0.2% for a purchase price of 109.933 assuming a settlement date of Oct. 20.
For the 4.375% notes, the price will be based on a purchase yield of 0% for a purchase price of 114.108 assuming a settlement date of Oct. 20.
Holders also will receive accrued interest.
The tenders are part of the companys medium-term financial strategy aimed at proactively managing its liabilities and the upcoming redemptions, according to a company announcement.
A2A said it plans to issue a series of new euro-denominated senior fixed-rate notes under its 4 million medium-term note program.
Tender instructions must be submitted for a minimum of 100,000 and in integrals of 1,000 after that.
Settlement has been set for Oct. 20.
Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Goldman Sachs International (+44 20 7774 9682 or liabilitymanagement.eu@gs.com), Mediobanca Banca di Credito Finanziario (+39 2 8829 840 or MB_LM_CORP_IT@mediobanca.com), Societe Generale (+44 20 7676 75680 or liability.management@sgcib.com) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de) are the structuring advisers and dealer managers.
The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or a2a@lucid-is.com).
The issuer also held a tender 250 million of the notes from Nov. 28 until Dec. 1.
Investors tendered 182,475,000 of the 4.5% notes and 119,766,000 of the 4.375% notes, and the company accepted for purchase all of the tendered 4.5% notes and 70.02 million of the 4.375% notes using a proration factor of 60%.
A2A is a Brescia, Italy-based electric utility.
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