Enel will redeem remainder of 2.5% perpetuals on Feb. 27

By Mary-Katherine Stinson

Lexington, Ky., Jan. 23 – Enel SpA issued a clean-up call for the remainder of its outstanding €750,019,000 2.5% perpetual non-call 5.5-year capital securities (ISIN: XS1713463716) with a first reset date of Nov. 24, 2023, according to a notice.

As previously reported, Enel concluded an any-and-all tender offer on Jan. 20, in which at least 80% of the securities were purchased for a total of €699.97 million.

Because a repurchase of at least 80% of the total principal occurred, constituting a substantial repurchase event, the company decided to exercise its option to redeem all the securities at par plus any accrued interest on Feb. 27.

Enel is a Rome-based electric utility company.

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