Enel accepts total tenders of $416 million 8.75% capital securities

By Marisa Wong

Los Angeles, Feb. 8 – Enel SpA announced the final results of its Jan. 9 tender offer for its outstanding $1.25 billion 8.75% capital securities due 2073 (ISINs: US29265WAA62, US29265WAB46).

Holders had tendered $5 million of the securities after the early tender deadline and on or prior to the tender expiration date, according to a Wednesday press release. Those tenders were accepted in full.

Enel accepted for purchase a total of $416.06 million of notes tendered by the end of the offer at 5 p.m. ET on Feb. 7.

As previously announced, holders had tendered and the company accepted for purchase $411.06 million of securities as of the early deadline at 5 p.m. ET on Jan. 23.

The offer for the 8.75% capital securities was initially expected to have a maximum acceptance amount, but the company eliminated the cap on Jan. 17.

The company offered to purchase the 8.75% capital securities due 2073 with the first reset date of Sept. 24, 2023 for $1,015 per $1,000 principal amount. The total consideration includes an early tender payment of $30 per $1,000 of early tendered notes accepted for purchase.

Holders who tendered their notes after the early deadline will receive the late tender consideration of $985 per $1,000 note.

Accrued interest will also be paid.

Early settlement occurred on Jan. 26.

Final settlement will be on Feb. 10.

The issuer said it may, after completing the tender offer, purchase additional securities in the open market, in privately negotiated transactions, through tender or exchange offers or otherwise, or it may redeem the securities.

The tax certification and tender agent for the offer is Acupay System LLC (212 422-1222, +44 20 7382 0340, eneltender@acupay.com, www.acupay.com/eneltender).

The dealer managers for the offers are BNP Paribas Securities Corp. (+33 1 55 77 78 94, liability.management@bnpparibas.com), BofA Securities Europe SA (980 387-3907, 888 292-0070, +33 1 87 70 10 57, DG.LM-EMEA@bofa.com), Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com), Goldman Sachs International (+ 44 20 7774 4836, liabilitymanagement.eu@ny.email.gs.com), HSBC Continental Europe (212 525-5552, 888 HSBC-4LM, +44 20 7992 6237, liability.management@hsbcib.com), J.P. Morgan SE for the uncapped (+44 20 7134 2468, Liability_management_EMEA@jpmorgan.com) and J.P. Morgan Securities LLC for the originally capped offer (+44 20 7134 2468, 866 834-4666, 212 834-3424, liability_management_EMEA@jpmorgan.com), Morgan Stanley & Co. International plc (+44 20 7677 5040, liabilitymanagementeurope@morganstanley.com) and NatWest Markets NV (+33 1 73 24 98 80, NWMliabilitymanagement@natwestmarkets.com).

The offer for the 8.75% securities had opened alongside an any-and-all tender offer for Enel’s outstanding €750.019 million 2.5% perpetual 5.5-year non-call capital securities. That offer expired on Jan. 16 with €699.97 million of securities tendered, as previously reported.

Enel is a Rome-based electric utility company.

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