DEAL: NET4GAS exchange and tender offer

Author: Amélie Labbé | Published: 12 Sep 2018

The Prague Stock Exchange (PSE) has hosted the first exchange offer involving eurobonds swapped for notes issued and settled in the local currency (Czech crowns).

NET4GAS issued CZK2.64 billion ($119.4 million) of bonds due in 2025 to refinance existing debt. The Czech gas pipeline operator was keen to extend the maturity of the bonds, which would otherwise have become payable in 2021. The liability management exercise is believed to be the first in Europe to exchange a eurobond for notes in a local currency.

Natural gas pipeline operator NET4GAS has been involved in the first eurobond swap in EuropeThe deal was specific and unique because existing note holders weren’t offered another series of...



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