Cepsa to accept €99.9 million tendered 0.75% notes due 2028 at 85

By Marisa Wong

Los Angeles, Sept. 21 – Cepsa Finance, SAU announced the final results and pricing of its invitation to holders of its outstanding €500 million 0.75% notes due Feb. 12, 2028 (ISIN: XS2117485677) guaranteed by parent company Compania Espanola de Petroleos, SA (Cepsa) to tender their notes for purchase for cash.

As announced on Sept. 13, Cepsa offered to purchase up to €100 million of the notes at a purchase price determined under a modified Dutch auction procedure.

The final acceptance amount is €99.9 million, according to a Wednesday press release. The company has accepted the notes tendered under non-competitive tender instructions and applied a scaling factor of 88.88%.

The purchase price is 85, equal to the minimum purchase price.

The company will also pay accrued interest in an amount of €458.22 per €100,000 principal amount.

The offer expired at 11 a.m. ET on Sept. 20. Settlement will occur on Sept. 23.

HSBC Continental Europe (+44 20 7992 6237; attn.: liability management; LM_EMEA@hsbc.com) and UniCredit Bank AG (+49 151 6283 1715; attn.: liability management; corporate.lm@unicredit.de) are the dealer managers for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; cepsa@is.kroll.com) is the tender agent.

Further details can also be obtained from the issuer (attn.: head of finance – Cepsa; gonzalo.saenz@cepsa.com).

Cepsa is a multinational oil and gas company based in Madrid.

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