France’s HIT to purchase €139.7 million of 4.875% notes in tender

By Susanna Moon

Chicago, Nov. 17 – Holding d’Infrastructures de Transport, or HIT, said it plans to accept for purchase €139.7 million principal amount of its €1.5 billion 4.875% notes due Oct. 27, 2021.

The tender offer ended at 11 a.m. ET on Nov. 16.

As announced Nov. 9, pricing will be set using a purchase yield of negative 0.05% for a purchase price of 119.306%, or €59,652.76 for each €50,000 principal amount, assuming a settlement date of Nov. 27.

Holders also will receive accrued interest to but excluding the settlement date of Nov. 27.

The offer was capped at €250 million principal amount.

HIT previously said it plans to hold investor meetings for an issue of new euro-denominated fixed-rate notes with expected maturities between five and 10 years.

The tender is contingent on the issuance of the new notes.

The issuer said it may consider in the allocation of the new notes whether an investor of the new notes plans to tender their notes in the offer.

BNP Paribas (liability.management@bnpparibas.com or +44 20 7595 8668), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Societe Generale (liability.management@sgcib.com or +33 1 4213 3240) are the dealer managers.

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, fax +44 20 3004 1590 or hit@lucid-is.com).

Holding d’Infrastructures de Transport builds and maintains toll roads and is based in Issy Les Moulineaux, France.

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