A2A begins maximum tender offer for €761.59 million 4.5% notes due 2016

By Susanna Moon

Chicago, Feb. 18 – A2A SpA said it began a tender offer for up to a maximum amount of its €761,591,000 outstanding €1 billion 4.5% notes due 2016.

The purchase price will be 107.57% of par, or €1,075.70 for each €1,000 principal amount assuming a settlement date of Feb. 26, according to a company notice.

The company will also pay accrued interest.

Holders must tender their notes by 11 a.m. ET on Feb. 24. The offer began Feb. 18.

The maximum acceptance amount will be announced at 4 a.m. ET on Feb. 25.

The minimum tender denomination is €50,000 with integral multiples of €1,000 after that.

The offer is being made as part of the company’s commitment to actively manage its liabilities, and the purpose of the offer is to proactively manage its upcoming redemptions and to lengthen its debt maturity profile, the company said.

The company said it plans to issue, subject to market conditions, a series of new euro- denominated senior fixed rate notes under its €4 billion euro medium-term note program.

The tender offer is conditioned on pricing of the new issue.

Barclays Bank plc (attn.: liability management group, +44 0 20 3134 8515, email: eu.lm@barclays.com) and BNP Paribas (attn.: liability management group, +44 0 20 7595 8668, email: liability.management@bnpparibas.com) are the structuring advisors and dealer managers.

The tender agent is Lucid Issuer Services Ltd. (attn.: Thomas Choquet, +44 0 20 7704 0880 Email: a2a@lucid-is.com).

A2A SpA is a Brescia, Italy-based electric utility.

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