The Instituto Nacional de Hidrocarburos (INH) has defined the structure of
the institutional tranche of the Public Offering of Repsol Shares. This will be
for up to 15% of company equity and will comprise a retail and an institutional
tranche. A maximum of 45 million shares will be offered for sale and these will
be distributed more or less equally between retail and institutional
investors.
Global co-ordinators for all tranches
included in the transaction will be the Banco Bilbao Vizcaya
(BBV) and Goldman Sachs ("Global
Co-ordinators").
The institutional
offer will be made up of five tranches: Spain, the United
States of America, Continental Europe, the United Kingdom and the rest of the
world. Each of these tranches will be headed by one or several
lead-managers and/or several co-lead managers, who, together with the other
co-managers, form the syndicate for each of the aforementioned
tranches.
Lead managers for the various tranches will be
as follows:-
- For the Spanish institutional tranche,
the lead manager will be BCH, and co-lead managers will be Argentaria,
Banco Bilbao Vizcaya (BBV) and Banco Santander de Negocios (BSN).
-
For the Continental European tranche, Argentaria and
Paribas will be the co-lead managers.
- Co-lead managers for the
United Kingdom will be the Banco Santander de Negocios
(BSN) and S.G. Warburg.
- The Rest of the World
tranche will be lead-managed by Credit Suisse First Boston
(CSFB).
- As far as the U.S.A. tranche is
concerned, the Law expressly prohibits the release of information on
entities taking part in the placement until the Prospectus has been
registered with the Securities and Exchange Commission
(SEC). |
Lazard will act as counsel to the INH
during the operation.
The Offering will be carried out according to the
terms specified in the Prospectus, to be presented within the next few days to
the Comisi�n Nacional del Mercado de Valores (CNMV).
The United States
tranche will also be conducted exclusively by means of the Prospectus to be
registered at the U.S.A. Securities and Exchange Commission (SEC) of Washington,
D.C.
A Preliminary Report on this Share Offering has already been
delivered to the Comisi�n Nacional del Mercado de Valores (CNMV).
The
company will shortly release further information as to the syndicate of placing
companies for the Spanish retail tranche and other relevant
details.
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