Italy’s 2i Rete Gas tenders for up to €300 million 3% notes due 2024

By Wendy Van Sickle

Columbus, Ohio, May 30 – 2i Rete Gas SpA made a tender offer for up to €300 million principal amount of its €577,393,000 outstanding 3% notes due July 16, 2024 (ISIN: XS1088274672), according to a notice.

Pricing will be based on the July 2024 interpolated mid-swap rate minus a purchase spread of 30 basis points at 7 a.m. ET on June 7. The company will also pay accrued interest.

2i Rete said the offer is part of its strategy to proactively manage its liabilities and cost of debt financing. It is planning to offer a new series of euro-denominated senior fixed-rate notes, and noteholders who subscribe to new notes in addition to tendering existing notes for purchase under the offer may receive priority in allocation of the new notes.

If the tender cap is exceeded, tendered notes may be accepted for purchase on a pro rata basis.

The offer will expire at 11 a.m. ET on June 6.

Settlement is expected on June 9.

A total of €600 million of the notes was originally issued.

BNP Paribas (+33 1 55 77 78 94 or liability.management@bnpparibas.com), BofA Securities Europe SA (+33 1 87 70 10 57 or DG.LM-EMEA@bofa.com), Goldman Sachs International (+44 20 7774 4836 or liabilitymanagement.eu@gs.com) and UniCredit Bank AG (+49 89 3781 3722 or corporate.lm@unicredit.de) are the dealer managers.

Kroll Issuer Services Ltd. (+44 20 7704 0880 or 2iretegas@is.kroll.com) is the tender agent.

2i Rete distributes natural gas in Italy and is based in Milan.

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