Floene Energias begins tender offer for up to €300 million 2023 notes

By Marisa Wong

Los Angeles, Feb. 27 – Floene Energias, SA announced a tender offer for up to €300 million of its outstanding €600 million 1.375% notes due Sept. 19, 2023 (ISIN: PTGGDAOE0001) issued under its former name, Galp Gas Natural Distribuicao, SA.

The issuer is offering to purchase the notes at 99.45 plus accrued interest.

Tenders may be subject to proration.

The company said it reserves the right to increase or decrease the maximum acceptance amount.

The offer will expire at 11 a.m. ET on March 3.

Results will be announced on March 6.

Settlement is slated for March 9.

The offer is conditioned on new financing. The company plans to fund the tender offer using proceeds from a new term loan.

The company said it is making the tender offer to provide liquidity to the noteholders while optimizing its funding and liquidity position. The offer, together with the term loan, allows the company to extend the maturity profile of its outstanding debt.

The dealer managers for the tender offer are Banco Bilbao Vizcaya Argentaria, SA (liabilitymanagement@bbva.com) and Banco Santander, SA (liabilitymanagement@santandercib.co.uk).

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Thomas Choquet / Jacek Kusion; floene@is.kroll.com; https://deals.is.kroll.com/floene).

The energy company is based in Lisbon, Portugal.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.