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Enel sets pricing of tender for up to $1.47 billion of notes
By Rebecca Melvin
Concord, N.H., Oct. 5 – Enel Finance International NV said it has set pricing terms for its Sept. 21 cash tender offer for up to $1.5 billion combined principal amount of notes from three series, according to a company release on Tuesday.
The notes were issued by the company and guaranteed by Enel SpA.
The company also announced that it has amended the offer by decreasing the original maximum tender amount to $1,471,703,000.
Considerations for securities tendered on or before 5 p.m. ET on Oct. 4 and based on reference yields determined at 10 a.m. ET on Oct. 5 are
• $1.202.43 per $1,000 principal amount of the 4.875% notes due 2029 (ISIN: US29278GAK40, USN30707AL22), with pricing based on the 1.25% U.S. Treasury due Aug. 15, 2031 and a fixed spread of 50 basis points; and
• $1,113.50 per $1,000 principal amount of the 3.625% notes due 2027 (ISIN: US29278GAA67, USN30707AC23), with pricing based on the 0.75% Treasury due Aug. 31, 2026 and a fixed spread of 55 bps.
Included in the pricing is a $30 per $1,000 principal amount early tender payment.
Although the offer will expire at 11:59 p.m. ET on Oct. 19 no further tenders will be accepted by the company as the maximum tender amount has already been exceeded.
The dealer managers of the offer are Barclays (212 528-7581 or 800 438-3242), BofA Securities Europe SA (980 387-3907, 888 292-0070 or +33 1 877 01057), BNP Paribas Securities Corp. (212 841-3000), Citigroup Global Market Ltd. (212 723-6106, 800 558 3745 or +44 20 798 68969), Goldman Sachs Bank Europe SE (+33 1 42 12 15 47), HSBC Bank plc (212 525-5552, 888 HSBC-4LM or +44 20 7992 6237), J.P. Morgan Securities LLC (212 834-3424, 866 834-4666 or +44 207 134 2468) and Morgan Stanley & Co. LLC (212 761-1057 or 800 624-1808).
The information agent and tender agent is D.F. King & Co., Inc. (866 856-3065, 212 269-5550 or enel@dfking.com).
Enel is a Rome-based electric utility company.
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