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Cepsa Finance begins tender offer for up to €150 million of 2025 notes
By Mary-Katherine Stinson
Lexington, Ky., April 2 – Cepsa Finance, SAU announced it is inviting holders of its outstanding €500 million of 1% notes due Feb. 16, 2025 (ISIN: XS1996435688) guaranteed by parent company Compania Espanola de Petroleos, SA (Cepsa) to tender their notes for purchase for cash, according to a notice.
Cepsa is offering to purchase up to €150 million of the notes at a fixed purchase price of 97.85.
The company will also pay accrued interest.
Tenders may be prorated and subject to rounding adjustments.
The offer expires at 11 a.m. ET on April 10.
Results will be announced on April 11.
Settlement will occur on or about April 15.
The offer is subject to a financing condition. The company expects to issue, under its €3 billion-euro medium-term note program, euro-denominated senior fixed-rate seven-year notes, subject to market conditions.
Tendering noteholders will have priority in the allocation of the new notes.
Banco Bilbao Vizcaya Argentaria, SA (+44 0 207 397 6061/6029, liabilitymanagement@bbva.com), BofA Securities Europe SA (+33 1 877 01057, DG.LM-EMEA@bofa.com) and HSBC Continental Europe (+44 20 7992 6237, LM_EMEA@hsbc.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; cepsa@is.kroll.com, https://deals.is.kroll.com/cepsa) is the tender agent.
Further details can also be obtained from the issuer (jaime.cifuentes@cepsa.com).
The company said the purpose of the offer is to proactively manage its debt maturity profile in an efficient manner, to provide a degree of liquidity to qualifying holders whose tendered notes are accepted and give them the opportunity to apply for priority in the allocation of the new notes.
Cepsa is a multinational oil and gas company based in Madrid.
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