EDP accepts tenders for €672.8 million subordinated notes due 2079

By Marisa Wong

Los Angeles, Jan. 23 – EDP – Energias de Portugal SA announced the final results of its Jan. 16 cash tender offer for its €1 billion fixed to reset rate subordinated notes due 2079 (ISIN: PTEDPKOM0034).

As of the expiration of the offer at 11 a.m. ET on Jan. 20, holders had tendered €672.8 million of the notes. The issuer has decided to set the final acceptance amount at €672.8 million and will accept the tendered notes for purchase in full with no pro rata scaling.

The purchase price is 100.134. Pricing, based on the interpolated mid-swap rate and a purchase spread of 110 basis points, was set at 5 a.m. ET on Jan. 23.

The company will also pay accrued interest.

Settlement is expected to occur on Jan. 25.

After settlement, €327.2 million of the notes will remain outstanding.

BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com), ING Bank NV (+44 20 7767 6784; liability.management@ing.com) and UniCredit Bank AG (+49 89 378 15150; corporate.lm@unicredit.de) are dealer managers for the offer.

Kroll Issuer Services Ltd. (+ 44 20 7704 0880; attn.: Thomas Choquet; edp@is.kroll.com; https://deals.is.kroll.com/edp) is tender agent.

The issuer is a Portuguese electric utilities company based in Lisbon.

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