Cepsa Finance begins tender offer for up to €100 million of 2028 notes

By Marisa Wong

Los Angeles, Sept. 13 – Cepsa Finance, SAU announced it is inviting holders of its outstanding €500 million 0.75% notes due Feb. 12, 2028 (ISIN: XS2117485677) guaranteed by parent company Compania Espanola de Petroleos, SA (Cepsa) to tender their notes for purchase for cash.

Cepsa is offering to purchase up to €100 million of the notes at a purchase price that will be determined under a modified Dutch auction procedure.

The minimum purchase price will be 85.

The company will also pay accrued interest.

Tenders may be prorated and subject to rounding adjustments.

The offer expires at 11 a.m. ET on Sept. 20.

Results will be announced on Sept. 21.

Settlement will occur on Sept. 23.

HSBC Continental Europe (+44 20 7992 6237; attn.: liability management; LM_EMEA@hsbc.com) and UniCredit Bank AG (+49 151 6283 1715; attn.: liability management; corporate.lm@unicredit.de) are the dealer managers for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; cepsa@is.kroll.com) is the tender agent.

Further details can also be obtained from the issuer (attn.: head of finance – Cepsa; gonzalo.saenz@cepsa.com).

The company said the purpose of the offer is to decrease its gross debt and optimize its balance sheet structure.

Cepsa is a multinational oil and gas company based in Madrid.

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