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Chile’s ENAP holders tender $829 million notes in oversubscribed offer
By Angela McDaniels
Tacoma, Wash., Aug. 2 – Empresa Nacional del Petroleo announced the early results of Citigroup Global Markets Inc.’s tender offer for its $300 million 6¼% notes due 2019, $500 million 5¼% notes due 2020 and $500 million 4¾% notes due 2021.
Holders had tendered $184,692,000 of the 6¼% notes, $325,589,000 of the 5¼% notes and $318,471,000 of the 4¾% notes as of the early tender date, 5 p.m. ET on Aug. 1. The notes are listed in order of acceptance priority level.
Citigroup increased the aggregate maximum tender consideration to $679,085,207 from $600 million and accepted all of the tendered 6¼% notes, all of the tendered 5¼% notes and $89,719,000 of the tendered 4¾% notes, according to a news release.
The aggregate maximum tender consideration includes the early tender payment and accrued interest.
Because the offer was fully subscribed as of the early tender date, no additional notes will be accepted for purchase.
For each $1,000 principal amount, Citigroup will pay $1,130.00 for the 6¼% notes, $1,115.00 for the 5¼% notes and $1,087.50 for the 4¾% notes. In each case, the payment includes a $30.00 early tender payment.
The company will also pay accrued interest up to but excluding the settlement date, Aug. 4.
The financing condition for the offer has been met. Citigroup will use proceeds from a new offering of notes.
The tender offer will officially end at 11:59 p.m. ET on Aug. 15.
Citigroup (212 723-6106 or 800 558-3745) is acting as dealer manager. Global Bondholder Services Corp. (212 430-3774 or 866 470-4200) is the information and tender agent.
ENAP is a Las Condes, Chile-based state-owned enterprise of the Republic of Chile engaged in petroleum-related activities.
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