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Repsol International launches tender offer for securities due 2075
By Marisa Wong
Los Angeles, Jan. 20 – Repsol International Finance BV announced it is inviting holders of its outstanding €1 billion 10-year non-call securities due 2075 (ISIN: XS1207058733) guaranteed, on a subordinated basis, by parent company Repsol, SA to tender their securities for purchase for cash.
The company is offering to purchase up to €325 million aggregate principal amount of the securities at 98.7, plus accrued interest, according to a notice.
Tenders may be subject to proration.
The offer will expire at 11 a.m. ET on Jan. 26.
Results are expected to be announced on Jan. 27.
Settlement is slated for Jan. 30.
The purpose of the offer is to proactively manage the issuer’s and the parent’s hybrid capital and is intended to optimize the group’s balance sheet structure, according to the notice.
BofA Securities Europe SA (+33 1 87 70 10 57; DG.LM-EMEA@bofa.com) and Barclays Bank Ireland plc (+44 20 3134 8515; eu.lm@barclays.com) are the dealer managers.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; repsol@is.kroll.com; https://deals.is.kroll.com/repsol) is the tender agent.
Repsol is a Spanish energy and petrochemical company based in Madrid.
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