Gas Natural to repurchase €915.5 million of five series via Citi offer

By Susanna Moon

Chicago, Jan. 23 – Citigroup Global Markets Ltd. said it will accept tenders for €915.5 million principal amount of five series of notes issued by Gas Natural Capital Markets, SA or Gas Natural Fenosa Finance BV and guaranteed by Gas Natural SDG, SA.

The tender offer ended at 11 a.m. ET on Jan. 22.

The notes covered by the offer are the €500 million 5.375% guaranteed notes due May 2019 and €500 million 6.375% guaranteed notes due July 2019 issued by Gas Natural Capital Markets, SA as well as the €500 million 3.5% guaranteed notes due 2021, €750 million 3.875% guaranteed notes due 2022 and €600 million 3.875% guaranteed notes due 2023 issued by Gas Natural Fenosa Finance BV.

As announced Jan. 16, Citigroup was tendering for €850 million principal amount of the five note series.

Citigroup plans to accept €207.6 million of the May 2019 notes, €143.8 million of July 2019 notes, €167.1 million of 2021 notes, €259 million of 2022 notes and €138 million of 2023 notes.

Pricing was scheduled for 6 a.m. ET on Jan. 23 and is based on a purchase yield of negative 0.25% for the May 2019 notes and July 2019 notes, of negative 0.05% for the 2021 notes and of 0.1% for the 2022 notes.

The purchase price would be 107.498 for the May 2019 notes, or €107,497.62 for each €100,000 principal amount; 109.67 for the July 2019 notes, or €54,834.83 for each €50,000 principal amount; 111.45 for the 2021 notes, or €111,450.04 for each €100,000 amount; and 115.855 for the 2022 notes, or €115,854.72 for each €100,000, each assuming a settlement date of Jan. 24.

For the 2023 notes, the purchase price is based on the 2023 interpolated mid-swap rate plus a spread of 0 basis points.

Gas Natural Fenosa Finance BV plans to issue euro-denominated fixed-rate notes under its €15 billion guaranteed euro medium-term note program, according to an announcement.

Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), CaixaBank SA (+34 91 700 56 08 / 09 / 10 or mlafont@caixabank.com, araguilar@caixabank.com, natalia.garcia@caixabank.com or lst.originacion.rf@lacaixa.es), ING Bank NV (+31 20 563 8017 or liability.management@ing.com) and Natixis (+33 1 58 55 80 98 / +33 1 58 55 88 36 or liability-management-corporate@natixis.com) are the joint dealer managers.

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or gn@lucid-is.com).

The natural gas utilities company is based in Barcelona, Spain.

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