Hera takes in tenders for €210.6 million of 3.25%, 2.375% notes

By Sarah Lizee

Olympia, Wash., June 27 – Hera SpA announced the results of a tender offer for its €289,849,000 of 3.25% notes due Oct. 4, 2021 and €500 million 2.375% notes due July 4, 2024 that was launched on June 19 by BNP Paribas SA.

As of the expiration time of 11 a.m. ET on June 26, €210,604,000 of the notes had been validly tendered. The company said it will accept for purchase all notes tendered in the offer.

Specifically, Hera said it will purchase €39,994,000 of the 2021 notes and €170.61 million of the 2024 notes.

The purchase yield is negative 0.15% for the 2021 notes. The purchase price is 107.704.

The purchase yield for the 2024 notes will be equal to the interpolated mid-swap rate plus 50 basis points.

Settlement is expected for July 1.

The tender offer is conditioned on new financing.

BNP Paribas SA (+44 20 7595 8668 or liability.management@bnpparibas.com), Credit Agricole CIB (+44 207 214 5903 or liability.management@ca-cib.com), Mediobanca – Banca di Credito Finanziario SpA (+39 0288291 or MB_LM_CORP_IT@mediobanca.com) and UniCredit Bank AG (+39 02 8862 0581; +49 89 378 18825, dcmitaly@unicredit.eu or corporate.lm@unicredit.de) are the dealer managers.

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

Hera is a gas, electric and water utility located in Italy.

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