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Chile’s Empresa Nacional del Petroleo tenders for $600 million notes
By Wendy Van Sickle
Columbus, Ohio, July 19 – Empresa Nacional del Petroleo launched a cash tender offer for up to $600 million of its 6¼% notes due 2019, its 5¼% notes due 2020 and its 4¾% notes due 2021, according to a press release.
The $300 million of notes due 2019 will be given first acceptance priority, and the total consideration for these notes will be $1,130 per $1,000 principal amount.
The $500 million of notes due 2020 will be given second priority. The company is offering a total consideration of $1,115 per $1,000 principal amount for these notes.
Lastly, for the $500 million of notes due 2021, the company is offering a total consideration of $1,087.50 per $1,000 of notes.
Each total consideration includes a $30 early tender payment for notes tendered by the early deadline, 5 p.m. ET on Aug. 1.
Holders who tender after that deadline will receive the total consideration less the $30 early payment.
The company will also pay accrued interest to, but excluding, the date of settlement.
Notes from any series tendered prior to the early deadline will be given acceptance priority over any notes tendered after the early deadline.
The deadline to withdraw tendered notes is also 5 p.m. ET on Aug. 1.
The tenders are to be funded with proceeds from a new offering of notes, according to the release.
Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745) is the dealer manager.
Global Bondholder Services Corp. (212 430-3774 or 866 470-4200) is the information and tender agent.
Empresa Nacional del Petroleo is a Las Condes, Chile-based state-owned enterprise of the Republic of Chile engaged in a broad range of petroleum-related activities.
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