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Cepsa Finance gives results of tender offer for up to €150 million 2025 notes
By Mary-Katherine Stinson
Lexington, Ky., April 11 – Cepsa Finance, SAU announced the results of its cash tender offer to purchase up to €150 million of its €500 million 1% notes due Feb. 16, 2025 (ISIN: XS1996435688) guaranteed by parent company Compania Espanola de Petroleos, SA (Cepsa), according to a notice.
As of the expiration of the offer at 11 a.m. ET on April 10, noteholders tendered €172.4 million of the notes, with €150 million of those accepted for purchase.
As the tendered notes exceeded the cap, the tendered notes will be prorated at a factor of 93.3%.
As previously reported, Cepsa offered to purchase up to €150 million of the notes at a fixed purchase price of 97.85.
The company will also pay accrued interest.
Settlement will occur on or about April 15.
The offer was subject to a financing condition, which has been satisfied. The company successfully completed the issue of €750 million of 4.125% notes due April 11, 2031 under its €3 billion-euro medium term note program.
Tendering noteholders will have priority in the allocation of the new notes.
After settlement, €350 million of the notes will remain outstanding.
Banco Bilbao Vizcaya Argentaria, SA (+44 20 7397 6061/6029, liabilitymanagement@bbva.com), BofA Securities Europe SA (+33 1 87 70 10 57, DG.LM-EMEA@bofa.com) and HSBC Continental Europe (+44 20 7992 6237, LM_EMEA@hsbc.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; cepsa@is.kroll.com, https://deals.is.kroll.com/cepsa) is the tender agent.
Further details can also be obtained from the issuer (jaime.cifuentes@cepsa.com).
The company said the purpose of the offer was to proactively manage its debt maturity profile in an efficient manner, to provide a degree of liquidity to qualifying holders whose tendered notes are accepted and give them the opportunity to apply for priority in the allocation of the new notes.
Cepsa is a multinational oil and gas company based in Madrid.
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