Naturgy applies 69.47% proration factor to capped tender offer

Chicago, Nov. 23 – Naturgy Finance BV announced that will purchase €500 million, the previously announced maximum purchase amount, of its €1 billion undated eight-year non-call deeply subordinated guaranteed fixed-rate securities (ISIN: XS1139494493), according to a press release.

The offer was oversubscribed at the 11 a.m. ET Nov. 22 deadline.

To accept the maximum principal amount, the company will apply a proration factor of 69.47%.

The securities that are part of the offer are guaranteed on a subordinated basis by Naturgy Energy Group, SA.

Using a negative 0.15% purchase yield and the first optional par call date, the purchase price for the securities is 104.211.

Accrued interest will be paid to the settlement date, expected to be Nov. 24.

There was a new financing condition, which has been satisfied with the issue of a new offering of €500 million of subordinated securities.

Joint dealer managers for the offer are CaixaBank, SA (+34 91 700 56 09/10, lst.caixabank.lm@caixabank.com), J.P. Morgan AG (+44 20 7134 2468, liability_management_EMEA@jpmogran.com), Morgan Stanley Europe SE (+44 20 7677 5040, liabilitymanagementeurope@morganstanley.com) and Societe Generale (+33 1 42 13 32 40, liability.management@sgcib.com).

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

Naturgy issues preference shares and other financial debt instruments, with the guarantee of Gas Natural SDG. The company is based in Barcelona, Spain.

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