REG - REN - Redes Energ - Tender Offer Results <Origin Href="QuoteRef">RENE.LS</Origin>

REN Redes Energeticas Nacionais SGPS SAAnnouncement

31/05/2016 07:40

RNS Number : 6871Z
REN - Redes Energeticas Nacionais
31 May 2016
Socit Gnrale announces final results of its Offers for
REN - Redes Energticas Nacionais, SGPS, S.A.'s 300,000,000 4.125 per cent. Notes due 2018 and REN Finance B.V.'s 400,000,000 4.750 per cent. Notes due 2020
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED 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 TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT IS NOT ADDRESSED TO ANY PERSON RESIDENT OR ACTING THROUGH AN ESTABLISHMENT IN PORTUGAL (I) WHO IS NOT A QUALIFIED INVESTOR (INVESTIDOR QUALIFICADO), WITHIN THE MEANING SET OUT IN THE PORTUGUESE SECURITIES CODE (DECREE-LAW NO. 486/99 OF 13 NOVEMBER 1999, AS AMENDED FROM TIME TO TIME) (the Portuguese Securities Code) OR (II) OTHERWISE UNDER ANY CIRCUMSTANCES WHICH ARE DEEMED TO BE A PUBLIC OFFER UNDER THE PORTUGUESE SECURITIES CODE.
31 May 2016. Socit Gnrale (the Offeror) announces today final results of its separate invitations to holders of the outstanding (a) 300,000,000 4.125 per cent. Notes due 2018 (ISIN: PTRELBOE0017) (the 2018 Notes) of REN - Redes Energticas Nacionais, SGPS, S.A., and (b) 400,000,000 4.750 per cent. Notes due 2020 (ISIN: XS0982774399) (the 2020 Notes and, together with the 2018 Notes, the Notes) of REN Finance B.V. to tender such Notes for purchase by the Offeror for cash (each such invitation an Offer and, together, the Offers).
The Offers wereannounced on 16 May 2016 and were made on the terms and subject to the conditions contained in the tender offer memorandum dated 16 May 2016 (the Tender Offer Memorandum) prepared by the Offeror. Capitalised terms used but not otherwise defined in this announcement shall have the meaning given to them in the Tender Offer Memorandum.
As at the Expiration Deadline of 5.00 p.m. (CET) on 23 May 2016, the Offeror had received valid tenders pursuant to the Offers of (i) 137,200,000 in aggregate principal amount of 2018 Notes and (ii) 132,245,000 in aggregate principal amount of 2020 Notes.
The Offeror announces that the New Issue Condition has been satisfied and it has decided to set the 2018 Notes Acceptance Amount at 137,200,000 andthe 2020 Notes Acceptance Amount at 132,245,000. Accordingly, the Offeror will accept for purchase all validly tendered Notes in full with no pro rata scaling.
Pricing for the Offers took place at or around 2.00 p.m. (CET) on 24 May 2016. The Offeror determined that the Purchase Price payable will be (a) in the case of the 2018 Notes, 106.886 per cent. of the nominal amount of the relevant 2018 Notes and (b) in the case of the 2020 Notes, 116.588 per cent. of the nominal amount of the relevant 2020 Notes. The Offeror will also make an Accrued Interest Payment in respect of Notes accepted for purchase pursuant to the Offers.

2020 Notes Interpolated Mid-Swap Rate
Purchase Yield
Purchase Price
2018 Notes
N/A
0.000 per cent.
106.886 per cent.
2020 Notes
-0.030 per cent. 
0.870 per cent.
116.588 per cent.
The Tender Offer Settlement Date is today, 31 May 2016. Following the settlement of the Offers, 162,800,000 in aggregate nominal amount of the 2018 Notes and 267,755,000 in aggregate nominal amount of the 2020 Notes will remain outstanding.
J.P. Morgan Securities plc (Telephone: +44 20 7134 2468; Attention: Liability Management; Email: emea_lm@jpmorgan.com) and Socit Gnrale (Telephone: +44 20 7676 7579; Attention: Liability Management; Email: liability.management@sgcib.com) are acting as Dealer Managers and Lucid Issuer Services Limited (Telephone: + 44 20 7704 0880; Fax: +44 20 3004 1590, Attention: Thomas Choquet; Email: ren@lucid-is.com) is acting as Tender Agent.
DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire or sell any securities is being made pursuant to this announcement. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Offeror, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

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