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Portugal’s EDP tenders for $500 million of 4.9% notes, 4 1/8% notes
By Susanna Moon
Chicago, Nov. 29 – EDP - Energias de Portugal, SA is running a one-month tender for up to $500 million of the 4.9% notes due Oct. 1, 2019 and the 4 1/8% notes due Jan. 15, 2020 issued by EDP Finance BV.
The tender offer will remain open until 11:59 p.m. ET on Dec. 27. Tenders may be withdrawn before 5 p.m. ET on Dec. 12.
EDP is aiming “to optimize its liability portfolio and increase the average life of its debt” by using cash on hand to cut debt as part of its liability management strategy, according to a company announcement
Pricing will be set at 10 a.m. ET on Dec. 13 using the reference security plus a fixed spread for a hypothetical purchase price for each $1,000 principal amount as follows, with the notes listed in order of priority acceptance levels:
• $969,462,000 4.9% notes due Oct. 1, 2019 based on the 1.75% Treasury note due Nov. 30, 2019 plus 40 bps for a total hypothetical purchase price of $1,048.19; and
• $750 million 4.125% notes due Jan. 15, 2020 based on the 1.75% Treasury note due Nov. 15, 2020 plus 50 bps for a total hypothetical purchase price of $1,036.36.
The total purchase price will include an early tender premium of $30 per $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on Dec. 12.
The hypothetical purchase price was set at 10 a.m. ET on Nov. 28.
Holders also will receive accrued interest up to but excluding the settlement date.
Settlement is expected to occur on Dec. 15.
Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057, +44 20 7677 5040 or liabilitymanagementeurope@morganstanley.com) and Deutsche Bank Securities Inc. (866 627-0391, 212 250-2955, +44 20 7545 8011 or liability.management@db.com) are the dealer managers.
D.F. King Ltd. (212 709-3328, 212 269-5552, +44 20 7920 9700, edp@dfkingltd.com or https://sites.dfkingltd.com/edp) is the information and tender agent.
EDP is an electricity operator based in Lisbon, Portugal.
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