Union Fenosa tenders for €750 million of perpetual preferreds at 85

By Susanna Moon

Chicago, May 4 – Union Fenosa Preferentes, SAU said it began a tender offer for its €750 million non-cumulative perpetual floating-rate preferred securities guaranteed by Gas Natural SDG, SA.

The purchase price will be 85% of par, or €42,500 per security.

Solventis AV, SA has set the fair value of the securities at about 79.48% of par, or the clean price, and a best bid market quote of 81.5%, which is an objective improvement between 5.52% and 3.5%, according to a company press release.

The company said it will make a single cash payment at settlement, which is expected to be May 28 or, if the acceptance period is shortened or extended, during four calendar days after the end of the acceptance period of the offer.

Holders will receive accrued interest to the settlement date.

The offer will end at 8 a.m. ET on May 25.

The dealer manager is Banco Santander, SA (emisores.madrid@gruposantander.com).

The notes were issued on June 30, 2005.

Gas Natural SDG, SA, trading as Gas Natural Fenosa, is a Spanish natural gas utilities company based in Barcelona, Spain.

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