Air Products & Chemicals Inc has offered to exchange up to Eu300m of the aggregated principal amount of the Eu490m 6% 2005 notes for new euro denominated fixed rated debt due 2012.
The offer was launched on March 22 and runs until April 1. The new issue spread will be announced on March 22 and the exchange ratio will be fixed on April 2.
The fixed spread of the existing securities is one year mid-swaps flat. The preliminary new issue spread range is eight year mid-swaps plus 45bp-50bp.
Barclays Capital and Deutsche Bank are the dealer managers.
French communications equipment maker Alcatel has set the spreads on its offer to exchange its outstanding 7% 2006 notes for new euro denominated fixed rate notes due 2014.
The exchange spread was set at 150bp over the 4.5% August 2006 Bobl and the new issue spread was set at 255bp over the 4.25% January 2014 Bund.
BNP Paribas, Deutsche Bank and JP Morgan are managing the transaction.
German industrial gases and engineering group Linde AG will buy back up to Eu400m of its Eu1bn 6.375% June 2007 bonds at a spread of 32bp-42bp over Bunds. The final spread will be set on Wednesday March 31. The offer runs until April 6.
ABN Amro and Deutsche Bank are dealer managers.
Powergen Luxembourg Holdings, owned by German utility E.on completed a cash tender offer for any or all of five outstanding bonds issued by its wholly-owned subsidiaries in the Powergen and Midlands Electricity groups.
Powergen bought Eu1.15bn equivalent of the bonds ? 67.7% of the five issues involved. The offer is part of E.on's policy to act as the principal borrower for the whole of the group.
The offer was completed on Friday March 19.
Deutsche Bank, HSBC and JP Morgan acted as dealer managers on the transaction.
Powergen bought
? 22.9% of the PowerGen (EM) Investments $409.5m 7.45% May 2007 bond at a spread of 59bp over the 4.375% May 2007 UST
? 47.2% of the Powergen UK Eu500m 5% July 2009 bond at a spread of 35bp over the 4.5% January 2009 Bund
? 82.4% of the Powergen UK £250m 8.5% July 2006 bond at a spread of 38bp over the 7.5% December 2006 Gilt
? 89.6% of the Midlands Electricity £150m 7.375% November 2007 bond at a spread of 46bp over the 7.25% December 2007 Gilt.
? 96.6% of the Powergen UK £250m 6.25% April 2024 bond at a spread of 77bp over the 8% June 2021 Gilt.
