Tender offer launched for Hera’s €1 billion of notes due 2019, 2021

By Wendy Van Sickle

Columbus, Ohio, Sept. 29 – A tender offer opened for Hera SpA’s €500 million of 4.5% notes due Dec. 3, 2019 and its €500 million of 3.25% notes due Oct. 4, 2021, according to a notice from offeror BNP Paribas SA.

Preference will be given to the 2019 notes, and, if any of those notes tendered are accepted, they all will be accepted. The amount of 2021 notes accepted, if any, will be at the discretion of the offeror.

Based on the expected settlement date of Oct. 11, the purchase price for the 2019 notes would be 114.843 and the price for the 2021 notes would be 116.188. If the settlement date is not Oct. 11, the prices will be recalculated.

The tender offer is conditioned on the company’s pricing of a planned new issued of euro-denominated notes, the signing of a subscription agreement for those notes, and the subscription agreement being in effect at the settlement date of the tender offer.

The offer expires at noon ET on Oct. 5.

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

The dealer managers are Banca IMI SpA (+39 02 7261-5938 or liability.management@bancaimi.com), BNP Paribas (+44 20 7595-8668 or liability.management@bnpparibas.com), Credit Agricole CIB (44 207 214-5482 or liability.management@ca-cib.com), Deutsche Bank AG, London Branch (+44 20754 58011 or liability.management@db.com), Mediobanca – Banca di Credito Finanziario (+39 0288291 or MB_LM_CORP_IT@mediobanca.com) and UniCredit Bank AG (+39 02 8862 0581 or corporate.lm@unicredit.de).

Hera is a Bologna, Italy-based energy company.

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