Enel starts one-week tender for €518 million 6.5% securities due 2074

By Susanna Moon

Chicago, Jan. 7 – Enel SpA said it is tendering for its €518,256,000 of outstanding €1.25 billion 6.5% capital securities due Jan. 10, 2074 until 11 a.m. ET on Jan. 14.

The offer price will be par unless the amount purchased in the offer results in less than 10% of the original principal amount remaining after the offer, in which case the purchase price will increase to 101% of par, according to a company announcement.

Holders will also receive accrued interest.

Settlement is expected to occur on Jan. 17.

The dealer manager is J.P. Morgan Securities plc (+44 20 7134 2468 or emea_lm@jpmorgan.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or enel@lucid-is.com).

As announced Dec. 14, the company is holding the offer because “a procedural issue prevented a timely notification of the optional redemption notice” under the note terms.

“In order to ensure noteholders adhering to the offer to benefit of the same economic conditions,” the company will allow them to redeem the notes at par at about the same date of the first reset date of Jan. 10 via the tender offer, according to the previous announcement.

The notes were reduced through a liability management exercise that ended in May, as previously noted.

The issuer is a Rome, Italy-based electric utility company.

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