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Engie launches tender offer for 10 senior notes, three hybrid notes
By Marisa Wong
Los Angeles, Oct. 12 Engie launched a tender offer on 10 series of senior notes and three series of undated deeply subordinated fixed rate resettable notes callable beginning in 2023, 2024 and 2031, respectively, according to a Wednesday press release.
The company will retain full discretion on the amount of tenders accepted from each of the senior notes, subject to a maximum acceptance amount of 1 billion in total.
For the hybrid notes, the company will repurchase any and all of the non-callable 2023 notes; and up to 100 million of the non-callable 2024 notes and non-callable 2031 notes.
The maximum acceptance amount on the non-callable 2024 and non-callable 2031 hybrid notes will be such that the overall amount of hybrid notes repurchased in the tender offer (including any clean-up call option that the company may elect to exercise with respect to the non-callable 2023 notes) will not result in a reduction of the companys hybrid stock benefiting from intermediate equity content from S&P Global Ratings Europe Ltd. by more than 375 million (i.e., 10% of that hybrid stock).
The company said that with this tender offer it aims at proactively managing its debt redemptions and balance sheet, including its layer of hybrid capital.
The Regulation S tender offer is open until 10 a.m. ET on Oct. 19.
Results will be announced on Oct. 20.
Note descriptions
The tender offer covers the following senior notes:
1 billion 3% senior notes due Feb. 1, 2023 (ISIN: FR0011261924), of which 742,451,000 is outstanding;
500 million 0.375% senior notes due Feb. 28, 2023 (ISIN: FR0013284247), of which 500 million is outstanding;
700 million 0.875% senior notes due March 27, 2024 (ISIN: FR0013245859), of which 700 million is outstanding;
1 billion 1.375% senior notes due March 27, 2025 (ISIN: FR0013504644), of which 1 billion is outstanding;
500 million 0.875% senior notes due Sept. 19, 2025 (ISIN: FR0013365285), of which 500 million is outstanding;
750 million 1% senior notes due March 13, 2026 (ISIN: FR0012602761), of which 750 million is outstanding;
1.3 billion 2.375% senior notes due May 19, 2026 (ISIN: FR0011911247), of which 1.3 billion is outstanding;
750 million 0% senior notes due March 4, 2027 (ISIN: FR0013444775), of which 750 million is outstanding;
750 million 0.375% senior notes due June 11, 2027 (ISIN: FR0013517190), of which 750 million is outstanding; and
750 million 0.375% senior notes due June 21, 2027 (ISIN: FR0013428489), of which 750 million is outstanding.
The hybrid notes under the offer are the following:
1 billion undated non-call 5.25-year deeply subordinated fixed-rate resettable notes with a first call date on Jan. 16, 2023 (ISIN: FR0013310505), of which 274.2 million is outstanding;
1 billion undated non-call 10-year deeply subordinated fixed-rate resettable notes with a first call date on June 2, 2024 (ISIN: FR0011942283), of which 392.9 million is outstanding;
750 million undated non-call 10-year deeply subordinated fixed-rate resettable notes with a first call date on Jan. 2, 2031 (ISIN: FR00140046Y4), of which 750 million is outstanding.
Formerly GDF Suez, Engie is a natural gas and electricity supplier based in Paris.
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