Late call notice could be costly for Enel
Italian energy company Enel failed to notify investors it would call its 6.5% hybrid corporate bonds by the date required, due to a “procedural issue.” The company still intends to offer noteholders the opportunity to redeem the notes at par via a tender offer, but it may find few takers.
Enel’s €1.25bn 6.5% January 2074 hybrid bonds had a first call date of January 10, 2019 and the terms of the bond require the issuer to give no less than 30 days notice, which meant that notification would have had to have been given by December 11.If the ...
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com