Information  X 
Enter a valid email address

EDP Finance B.V (IRSH)

  Print      Mail a friend

Friday 07 December, 2018

EDP Finance B.V

Final Results of Tender Offer

RNS Number : 8724J
EDP Finance B.V
07 December 2018
 

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (THE UNITED STATES) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

EDP - ENERGIAS DE PORTUGAL, S.A.

(the Offeror)

announces final results of its Tender Offer for the outstanding

€650,000,000 2.625 per cent. Instruments due 15 April 2019

€300,000,000 4.125 per cent. Notes due 29 June 2020

€750,000,000 4.875 per cent. Instruments due 14 September 2020

€600,000,000 4.125 per cent. Instruments due 20 January 2021 and

€1,000,000,000 2.625 per cent. Instruments due 18 January 2022

each issued by EDP FINANCE B.V.

with the benefit of a Keep Well Agreement executed by the Offeror

7 December 2018.

On 29 November 2018, EDP - Energias de Portugal, S.A. (as the Offeror) announced an invitation to holders of the outstanding €650,000,000 2.625 per cent. Instruments due 15 April 2019 (ISIN: XS1057345651) (the 2019 Instruments), €300,000,000 4.125 per cent. Notes due 29 June 2020 (ISIN: XS0223447227) (the June 2020 Instruments), €750,000,000 4.875 per cent. Instruments due 14 September 2020 (ISIN: XS0970695572) (the September 2020 Instruments), €600,000,000 4.125 per cent. Instruments due 20 January 2021 (ISIN: XS0995380580) (the 2021 Instruments) and €1,000,000,000 2.625 per cent. Instruments due 18 January 2022 (ISIN: XS1111324700) (the 2022 Instruments and, together with the 2019 Instruments, the June 2020 Instruments, the September 2020 Instruments and the 2021 Instruments, the Instruments and each a Series), each issued by EDP Finance B.V. (EDP B.V.) with the benefit of a Keep Well Agreement executed by the Offeror, to tender their Instruments for purchase by the Offeror for cash (each such invitation an Offer and, together, the Offers).

The Offers expired at 5.00 p.m. (GMT) on 6 December 2018 (the Expiration Deadline) and, further to its announcement earlier today, the Offeror now announces the final results and pricing of the Offers.

The Offers were made on the terms and subject to the conditions contained in the tender offer memorandum dated 29 November 2018 (the Tender Offer Memorandum) prepared by the Offeror.  Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

Final Acceptance Amount

The Offeror announces that it has decided to set the Final Acceptance Amount at €499,998,000.

Series Acceptance Amounts and Scaling Factors

The Offeror further announces that it has decided to set each Series Acceptance Amount, and the Scaling Factors that will be applied to tenders of Instruments of the relevant Series as a consequence, as set out in the table below.

Pricing and Settlement

The final results and pricing of the Offers are as follows:

Instruments

Interpolated Mid-Swap Rate

Purchase Spread

Purchase Yield

Purchase Price

Series Acceptance Amount

Scaling Factor

Aggregate nominal amount of the Instruments outstanding immediately following settlement of the relevant Offer

2019 Instruments

N/A

N/A

0 per cent.

100.899
per cent.

€98,809,000

N/A

€551,191,000

June 2020 Instruments

N/A

N/A

0 per cent.

106.385
per cent.

€66,628,000

N/A

€233,372,000

September 2020 Instruments

N/A

N/A

0 per cent.

108.575
per cent.

€287,778,000

N/A

€462,222,000

2021 Instruments

-0.123
per cent.

30 bps

0.177
per cent.

108.305
per cent.

€46,783,000

21.737
per cent.

€553,217,000

2022 Instruments

N/A

 N/A

N/A

N/A

€0

N/A

€1,000,000,000

The Offeror will also pay an Accrued Interest Payment in respect of Instruments accepted for purchase pursuant to the Offers.

The Settlement Date in respect of the Instruments accepted for purchase pursuant to the Offers is expected to be 11 December 2018. 

Morgan Stanley & Co. International plc (Telephone: +44 20 7677 7799; Attention: Liability Management; Email: [email protected]) and Société Générale (Telephone: +33 142 13 32 40; Attention: Liability Management; Email: [email protected]) are acting as Dealer Managers for the Offers.

Lucid Issuer Services Limited (Telephone: + 44 20 7704 0880; Attention: David Shilson; Email: [email protected]) is acting as Tender Agent for the Offers.

This announcement is released by EDP - Energias de Portugal, S.A. and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the Offers described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Miguel Stilwell de Andrade, Chief Financial Officer at EDP - Energias de Portugal, S.A.

LEI Number: 529900CLC3WDMGI9VH80

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement and/or the Tender Offer Memorandum in certain jurisdictions may be restricted by law.  Persons into whose possession this announcement and/or the Tender Offer Memorandum come(s) are required by each of the Offeror, EDP B.V., the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions. 

 

 

 

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
ISELLFSEFILDIIT

a d v e r t i s e m e n t