Saipem Finance tenders for up to €200 million of 2 5/8% notes due 2025

By Marisa Wong

Los Angeles, Nov. 20 – Saipem Finance International BV is inviting holders of its €500 million outstanding 2 5/8% notes due Jan. 7, 2025 (ISIN: XS1711584430) to tender their notes for purchase for cash, up to a target acceptance amount of €200 million aggregate nominal amount, according to a notice.

The purchase price will be based on the interpolated mid-swap rate and a fixed spread of 30 basis points.

In addition, the company will pay accrued interest.

Tenders may be subject to proration.

The offer expires at 11 a.m. ET on Nov. 24.

Indicative results will be announced on Nov. 27, prior to pricing that day. Pricing is expected to be determined at or around 6 a.m. ET on Nov. 27. Final results will be announced after the pricing time on the pricing date.

Settlement will be on Nov. 29.

The dealer managers for the offer are BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com) and HSBC Continental Europe (+44 20 7992 6237; LM_EMEA@hsbc.com).

Kroll Issuer Services Ltd. (+44 207 7704 0880; attn.: Alessandro Zorza / Paul Kamminga; saipem@is.kroll.com; https://deals.is.kroll.com/saipem) is the tender agent.

Saipem is a Milan-based provider of drilling services and engineering and construction services for pipelines and complex projects to the oil and gas industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.