France’s Engie begins any-and-all, capped tender for several series

By Susanna Moon

Chicago, March 15 – Engie SA, formerly GDF Suez SA, began a tender offer for any and all of its €458,146,000 of outstanding €750 million 2.625% notes due July 2022.

Pricing in the any-and-all offer will be set using the July 2022 notes interpolated mid-swap rate with a tender spread of zero basis points.

Engie also is tendering for a capped amount of €700 million less the amount of notes accepted for purchase in the any-and-all offer, according to a company announcement.

In the capped offers, pricing will be set at 5 a.m. ET on March 23 as follows:

• €687,399,000 of outstanding €750 million 5.125% obligations due February 2018 with pricing based on the interpolated mid-swap rate for a tender price of 104.86%;

• €833,595,000 of outstanding €1.2 billion 6.875% notes due January 2019 with pricing to be set using the interpolated mid-swap rate with a tender spread of negative 15 bps;

• €1 billion 6.375% notes due January 2021 with pricing to be set using the interpolated mid-swap rate with a tender spread of negative 15 bps;

• £309.6 million of outstanding £700 million 6.125% notes due February 2021 with pricing to be set using the interpolated mid-swap rate with a tender spread zero bps;

• €717,661,000 of outstanding €1 billion 3.5% notes due October 2022 with pricing to be set using the interpolated mid-swap rate with a tender spread of 5 bps; and

• €908,735,000 of outstanding €1 billion 3% notes due February 2023 with pricing to be set using the interpolated mid-swap rate with a tender spread of 10 bps.

The tender offer will end at 10 a.m. ET on March 22.

The company also will pay accrued interest to but excluding the settlement date of March 27.

Engie is holding the tender offer to “optimize [its] cost of debt and balance sheet structure,” the release noted.

Purchased notes will be canceled.

The joint dealer managers and structuring advisers are Banco Bilbao Vizcaya Argentaria, SA (+44 20 7648 7516 / +44 20 7397 6125 or liabilitymanagement@bbva.com) and Societe Generale (+33 1 42 13 79 52 or liability.management@sgcib.com). The joint dealer managers are Commerzbank AG (+49 69 136 59920 or liability.management@commerzbank.com), RBC Europe Ltd. (+44 207 029 7420 or liability.management@rbccm.com) and UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de).

The tender agent is Societe Generale (+33 2 51 85 52 43, fax +33 2 51 85 57 20 or nantes.gis-op-titres@sgss.socgen.com). The information agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or engie@lucid-is.com).

Engie is a Courbevoie, France-based natural gas and electricity supplier.

© 2015 Prospect News.
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