Italian oil and gas company Eni S.p.A. (E) said Monday that it will further sell its stake in Portuguese energy company Galp Energia SGPS SA.
Eni said it has launched an accelerated bookbuilding offer of Galp Energia's shares, combined with an offer of 1.1 billion euros of unsecured bonds that are exchangeable into Galp's ordinary shares.
Eni will sell 49.76 million shares of Galp Energia by accelerated book building. The company will use the proceeds of the transaction for general corporate purposes.
Eni expects the bonds to have a final maturity of 3 years and to pay a coupon of between 0 and 0.25 per cent per annum, payable annually in arrears. The company noted that the exchange price will be set at pricing and is expected to be between 30 percent and 35 percent above the placing price of the equity offering.
Portuguese company Amorim Energia B.V holds a call option that gives it the right to buy up to 5 percent of Galp's share capital from Eni.
Amorim Energia also holds a right of first refusal to purchase up to 5.34 percent if the call option is exercised, or up to 10.34 percent if the call option is not exercised. Eni said that pricing of the placement and the bond offering will take place Tuesday.
In July, Eni said it completed the sale of a 5 percent stake in Galp to Amorim Energia at a price of 14.25 euros per share, thus reducing its overall stake in Galp to 28.34 percent.
Separately, Eni said it has amended terms of its agreement with Amorim Energia. Accordingly, the call option of Amorim Energia in relation to shares representing up to 5 percent of the share capital of Galp Energia has been renewed until December 31, 2013.
E closed Monday's regular trading session at $46.47, down $0.31 or 0.66 percent on a volume of 370,598 shares.
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