Swap EP Doc2

7/29/2019 Swap EP Doc2

http://slidepdf.com/reader/full/swap-ep-doc2 1/8

r - - ~ ~ - - - - - - - - - - - - ~ = = = = ~ = = ~ ~ ~ ; - - - ~ - ~ 1 g ~ 2 ~ 8 r ~ ~ , ~ ~ ~ o ~ ~ ~ ~ ~ V - - - - - - -S£CRtUR'" lADO DO T [ ! O ~ O E ~ 1 N ~ t l C A t:: Il'rR {l U J ... , . . . , .,

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Por d c t c r m i M ~ I O de S.E. 0 MlnlSt:

oU .d1{ j1(J Estaoo =d.1s ~ . n ~ . Gabinete dl

O" TF ~ ANCP t!J sa c:::! 0" ' :> c':t f~ E P:-,',·\!::l.J: .. " , ""

ACllefc do Oati-No 0 IGCP 0 0

lei' ~ G:EARI 0 ARQ. [ J

Conselho de Ac1min'lstf,acAlb D"l.: t . ~

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,af. co G : ~ ; M ! F!up. BUldrlra dv! ~ I. SenhoraI .. £ " I i ~ . ' ) Ch d. aablnete de'"'Sua Exeellnea 0 Ministro de: ~ I.r". ~ Fs+f.dO • d l l Financ;as

, • b I J S ~ O ~ ' l l n f a n t t D Henrlque, 1I Said. N. ' - \ 1149-009 LISBOA

: ~ 0 6 . 0 . . ~ 2Q A0 ;Eimo. Stnhor

'!or ~ ~ ,~ ~ua Rellrincia . Sua o m ~ o de. Nossa refe.inc:ia:

1011

Chefe de Gablnete de Sua Excel6ncia 0 Ministro dasObras PUbUCIK, Transport" e Comunica¢esRua de Sio Mamede BO Caldas, 21 - 1°1149-050 LlSBOA

Exmo. Sen norChefe de Gabln8te de Sua ExcetAncia 0 Secretirio da

Estado do Tescuro e F i n a n ~ sAv. Infante O. Henrique, 11149·009 USBOA

Exml. SenhoraCnefe de Gabinete de Sua Excel6ncia 0 Seeretario deEstado Adjunto, das Obras Publicas e das

Comunlclc;6esRua d. Slo Mamede ao Caldas, 21 - 1·1149-050 L1SBOA

Seide

ltSJ43DII1a.

(8. J ~ I H ;

Assunto: Operaq&ts de Cr6dltD M6dlo/Longo Prazo de at6 150 milh6es de Euros, propDspelo Deutsche Bank

No seguimento da vossa aprova/f io da o p e r a ~ de financiamento de a!e 150 rnilhOes de Eurc

1'810 prazo de 20 anas do Deutsche Bank, virnos por este meio formalizar 0 ajustamento de pre

que a o p e r a ~ t .v. de e a ass ca a InlOa a ezam ro de 2009, bem cor

concretizar 0 perfil de p e ~ o ~ w a que foi entretanto contratualizada.

Apesar de a p e r a ~ o estar prevista ser ate 150 milh6es de Euros, fA data de hoje so conseguim,

garantir investidor para 125 milhoes de Euros.

A o p e r a ~ de financiamento teve as a&guintas condi¢8S finais (ver ficha tecnica em anexo) :

• Montante: € 125.000.000,00

• Praz ' anos, bullet ( a m o r t i ~ o integral no final do periodo)

• Allin: 6,75~A o p e r a ~ de Swap teve as seguintes condiy6es finais (ver ficha tecnica am anexo):

• Montante: E' 125.000 ,000,00

• Prazo: 20 anos, com initio em 13 de Julho de 2010 e data fim em 13 de Julho de 2030

EP - E t n d . ie POI1\IgIII, a.A.CapbI SooIeI: 2110.000.000 E w...... ~ .I?

&«Ie: ~ ciaPortauem 23(».01 3ALJINJ/lr POR'TIJ<TIIiIIIaM: +351-21 ~ 1 1 1 O DO I F• • + 3 5 1 - ~ t

........ .,....'wl=- . . . wt.. . . . . . . . . . . , . , . , . . . , IW1I



. ).EPEllrNIl 1 PotIutIIl, '.A.

• EP recebe: Taxa fixa de 6,45% - do anD 1 aD anD 20

• EPpaga:

a. Taxa flX8 de 6,20% - do ano 1 ao ano 3

b. 8,20% - [35% xCIP] (Annual, ActI36O) - do ano 4 ao ano 5

c. 8,20% - [30% x CIP] (Annual, ActfJ60) - do ano 6 eo ano 7

d. 8,20% - (25% x Clp) (Annual, Act/360) - do anD 8 ao ano 20 /• Sando que do anD 4 ao ano 20 0 valor a pagar esta associado com a performance do

indica DB USD Pulse, estando definido um caD de 7.20%. ou saja no pior C8nario a EPpagara 7,200/0 durante este perfodo.

• Existe a poSSibilidade de Mutual Tennination, no final do 5° ano e anualmarrte ap6s useperiodo.

Para que rique tudo em conformidade , agradecemos a f o r m a l i z a ~ do vosso aoordo ascondi¢es de opera9l0 de l n a n c i a m e n ~ e ~ associado.

Com os melhoras cumprimentos,

EP - e-. . . de PoctuoII. SACIIFIIIIIcdII: 200.000.Il00e-NF:50tlllUII 212

.. ' ,', A,,{;fI:lo:lt GoI\_., .:. · r e t l i c 1 . I 1 ~

Sedr. ~ d e ParagIm 3 ~ P O R T U G A LT . . . . . +.'-21 . , 10 ID I Fa:+a1-21 Zlll511 '¥I

. m e I ~ . p I • _ .....d 'rpgrtugll.pl



Strictly Private and Confidential Deutsche Bank 1/1Page 1

ESTRADAS DE PORTUGAL 20 YEAR FIXED RATE

Final Terms and Conditions

Terms of the Notes

Issuer

Issuer Rating

Form of Deb!

Sole Manager

Nominal Amount

Coupon Rate

Issue Price

Reoffer PriceAll in Yield

Issue Date

Maturity Date

Redempton

Coupon Payment Dates

Business Days

Denominations

Listing

Settlement

ISIN

Governing Law

Documentation

Change of Control

TuesdayWednesday, June23

, 2010

ESTRADAS DE PORTUGAL SA

Not Rated

Unsecured, unsubordinated, ranking pari passu with all other unsecured and

unsubordinated obligations o f the issuer

Deutsche Bank AG , London

EUR 125,000,000

6.45%

100.00%

95.59%6.75%

13111

July 2010

15th

July 2030

100.00 %

13th

July each year, commencing 13111

July 2011 (act I act, following unadjusted)

Long last coupon

TARGET

EUR 50 ,000

Frankfurt Stock exchange, unregulated. FREIVERKEHR

Against payment

To be provided by Interbolsa

Portuguese

Stand-alone standard Eurobond

Yas

If the Portuguese Public Sector at any time ceases to own, directly or indirectly at least51 % (fifty-one per cent) of the statutory capital (caplal estatutario) of the Borrower



strictly Private and Confidential

P a g e ~

ESTRAl)ASDE POm-UGAL2D YEAR FIXED RATE

Deu1sGhe Bank 1/1

Final Terms atId Conditions TuesdayWetinesday, Jurre -23; 2IJ10

D i ~ c l a J m e r

We are sending you this term i h e f ! t ~ t t i b e basis that you are a potential o ~ e r p a r t , y aqtng at.ann's lengtl1_ Thi.$ term sheet

laJot discussion pUrposes-'only ancU&llOt Intended to ,cteate;any \egally b i n d i r l j f ~ ~ n s between The type of

irannction dU .CJibed in' this Q C u t n e b t m ~ y . n O t be U i t 1 b 1 e ~ o u . F o t f 1 e n e n u t r i f o t ' m l t l o l ' p ' e o a r d i n g i l a t ! ) l ' e andr!liks ofthe r a n s a c t i ~ n . n d f Y p .. of-ffnlnc:I»,lristtlJm.e.nb pleate gato wYjwiOIOblfrntrlstUidb:!10rD1tiiKdlaclOJutej.Please 1I1so takeyout ,own lndependentprOhi•• onar,1Iidvfc'eInotdedo s s e . s * " I U h l l t y ~ f t r ~ . c t t o l l - i . iiippmpth.t. ror youuivan'your

circumstance.'and Ob.tectiVei. Weue'ltot'acting as your:flnancill.: legat; tax or otheNidvisetor Ihany fiduciary capacity ,this;document does nOt coRstitutWaYicfer oun offer (ofillnyt)ipe). Ii'lvttatio:h tooffiii' cit tecqlM'Hllndatlof), to you.

If.after mal\JngYOQr O ~ Q I ~ ~ J o . - I , O I ! d . p e n d e n U y ~ j d f l ' y o u w . o ( d c f ~ i ~ e ~ p.;.ue . ~ l i c trannction with uS'thetewill. s a P a t W e . ( ) ~ t l g ~ D t h e t l I ~ i S J , ~ ~ I U o n , t h e ~ m s o f w ! t I c : h . i M l I ( i ( ~ ~ u P i ! f : $ ~ e Indicative an d

. u l 1 ' l J ' l . l . r y ' t ~ s c o n t a l t l e 4 J " t h l . ' ~ ! # I m e n t We therefore dO r t Q t a ~ ~ 1 i a b i l J t y : ~ r .• y d l i ' ~ consequential 01' otherlossI r i . I ~ { t o t . n ft!l{ance.on h f . ( : I o ~ ~Deutl'r#te'J:lankAS ( ~ a , r n a , m a _ " JlC)sftlonsinthe products referred,to h.r.tn;,otMenu_oed In other transactions

i l 1 l l o h ' l n { r t h H e p r ~ . A d l o t - " , b . n l W a g e a n d fees de .

PIe... ' t o t ~ tbilt: (a) e 1 l ' r e : m . k i ! ! \ : f g o ~ I 1 t i i t ' 1 O n . (0 ~ t 0 I l t a l : \ l ' l l r 0 f a ~ 1 : ~ " b . ! . u m e n t or economic mel'ure.A . S U r r i ~ f l o ~ opinions i l i 1 c f a t l i i i l t e . ~ " e d c O l l s t l t ~ e o Q I ' JUcfg",eht:'as,oftht!t • te.:CifU,I. ~ r I ; a t and are su\)ject toc h t r i g e W i t h o u t n c i t i c : e . A n 1 n V H f ~ l ( i l " i s ' i y p e o H r a n s a c i J t i n mayrUUI(1ntM;lO,,:otYoin' IriVestment. Pa,st perfOrmancel.sriofindle.Uve'of(ufur'e ' U 1 " ' : l l k e l y t " J j e liW. t:Jiitii' . i i c o n ~ a i y ~ ~ f i ; h f S ' t y , p e oitrl!lItladion; (e ) weare

dealli!g with you'ol:l a p r l r i . c l p i r : t b < - I : ) . ~ ; . a,nd doi1iih!c:ifeptariyrespori.J"f9ta.ny.:crurmiJe. iric\uding on.selllng,

between you and 8 t l y ~ l i d : r ' ~ •• . .' '. m . J c ~ no. e p f ~ e n t ~ ( ) n .. 0 c ; ; o m p l . , , ~ o r aQCt,#IIIW oft1\e informationcontained.lnthls 'dociJmeht; artctte)WU!::may. no t dlStrilJUtathladocument; In '. . . . orp.il. wltho.It qui' express wrifti!lnpeonlssfbn.

You ~ r e ' e J ' 1 t th,at you wlU l:;OmpJy . appilcabfes.ecqritles I a w s . l n " o ~ in j u d & d i c t l O n i " w h i c h you purchase, offer,sell or deliver seclUltles'or P $ S " " 9 l d t ~ b l l t e t r a n s a c t I Q n documentilVon-and,OS·1ihalfhlllv.no responsibility therefore; In

p a r t i c u r . r I ! l r e l ~ o I 1 J ~ e ~ h M t i . r i ~ $ t a t . ~ n h e E " , r 9 . , e , l ! n n O , n i c ~ r . e ~ ~ ~ J J h ' u d m p l ~ n f e d the r o ~ p e c t u s Directive

( D i r e c t W e 2 Q 0 3 " 1 J E ~ ) Y Q I I . f . . . ! J i t ~ W I t b . r ~ f T 9 m l i l e d 1 l ~ o n w h l ~ t f t " ~ ~ u s Oli'e¢tive is implemented in such

Mem!Jer stete you wJlIl'1Q't l ! l k e q ~ ohecurl(ie:s to h e p u b l l e l ~ s U , C M . ~ " i I l X ~ p t d u r m g the 1 monthsfollGwlitgtbeput;li!';8.fiop of, . . ~ a p p r O Y e d lit ,orpuspc)rteci n ( O ' . u c h M ~ ~ anytlme 'other'than 'inci{CumsfancQ whiCh do n O ! r : e q ~ i ~ p , U b i J c . t l o n of II p r o S ~ l I l S P U t ' 1 l u ~ ~ A r t l c ; r . a of1beProsp.ctus Dir!lCtive. DB is

a u t " o ( i ~ e j : I ~ G e l m a . I ! ~ I ! e . ~ ~ m p e t e n t . u t " ~ U f y. B ·• F ~ 1 Ftn.noiaJ Supervlrjing Authority} ' and re.gul;aJedby the FInancial e r v l c e s ~ ) l t h o t f b t ~ r f l t e conduct,of .UK.b4lineas,

'---------,]



Deutsche Bank

DB USDPULSE-LiNKEO,SWAP- FINAL TERMS AND CONDITIONS

23 JUNHO, 2010

Swap Proposal:

Notional Amount

Trade Date

Effective Pate

Final Maturityflate

CQUnterpartyA Pays

Co.unterparty B Pays

Index Coupon ( t I

Index: Initial

Swap Business Days

Index Business Days

Calculation Agent

Mutual Termination

Documentation

Deutsche Bank AG LOr)tion {"DB"

E$tradasde POrtugal S.A. (' EP' )

EUR 125.000..0.00

23 June 20.:10

13 July 20.1'0

15 Juiy 2030Year1 - Year 20

6.45!'k

Year1 - Yeat 36.20% ·(Antiual, AicV36O.)

Yer4-Year 5

B.2o'% - [35% xCIPI (Anl'lUal. Actf360)

Y ~ r $ - Y e a r 7.8.20.% - [30%X-C'IPJ (Annuatl);ltttl360)

Veqr 8 - Year2Q8.20.% • [25%xOIRJ (Annual, Actl36O.)

All coupons are¢l:\pped at 7.20%

All Coupons are floored at Q.OO%

Cuml,llatlve Index·Petformance,," [Index Co'Upqn ( t ) {Index Initial] - 1

DB USD PULSt:li ldex [sloomberg DBPPULSU Index ]

Index fixing l.eveI2 Ind.ex 8usiness';OiWsbEl{ore any Payment Date

As per fixing on 23 JUlie 20.10. ('Will be published at end of day)

TARGET

As per Index.Definition

Deutsche Bank AG London

After year 5

ISDA Long Form Confirmation - ISDA contract to be signed

The main clauses to be included in the Long Form Confirmation andfuture ISDA Agreement are:

DCM/Corporate Sales +44 207-545-7476



,a) Rate Analys!s:

Year WorSt

- ~ O O %1 . ~ c i %2.

3 2 0 - %4 7 ~ 2 Q %5 7.2.,Q!)6

6 7.20%

7 2 ' 0 %8 7;20%

9

10 7.2{l,,%

11 7.2Q%

12 7.20%

13 7.20%

14 7.20%

15 2 ~16 7.20%17 7.20%

18 7.20%

19 7.20%

20 107.20%

IRR 6.95%

Deutsche Bank 1/1

(l) Mutual T e i T o i n ~ t i Q n Clause after veerS (then annually)

(iJ) MaJQritYOWl1ership (Portuguese state, min, 51%)

Hfi)Cross defauit(WeWiII a/lowathresholdamount bf€ 10 m).

ep paysse,t;t

...1000.<.

6.:20%,6:20%

'Q:gp%O·Q9%,O.(j(j%

o:OOi'iEr

0.00%

' O 9 ~9·,9Q%0.00%

'0.00%

O().O%

010,0:%

0.00%

0.00%

0.00%'0.00% ,10(100%

1.01%

~ 1 0 0 %6 . ~ O 5 { ,6.20%

6.20%6.11'%

5 . 5 ~ %5.$2%

5.'01%

5.22%.4.8§:%

4·1f!%4.10%3.13%3.-36%

2.99%

2.61%

~ 4 %UfT%1.:50%

1,12%

100.75%

4.41%

EP Re-ceives

6.4.5%

6.45%

6,,45%6,45%

6;:45%

6.iffi%6,45%

6-45%

6 .45%6)15%

6.45%

6.45%6,45%

6A5%

6.45%

6,45%6.45%6.45%6.45%6.45%

Average case is based on an average Index Year on Yeanelt.ln of149%

OCM/Corporate Sales +44 207-545-7476



Deutsche Bank 1/1

b) Cash Flow Analysis:

'1}JUI-11

1 ~ 1 - 1 215,Ju1-13 364

14-J!.l(;:14 1J...A1f..15364

1 ~ ~ 1 5 13-JuJ..16 366

;13-.,I!J1:'1f1 13-1lu1-17 365. 13-Juf..1T 13-Juf . .16365

13-Ju1-1a '15- .M,19367

15-./U1-19 13-Juf..20 3641 ~ . ) ; M Q ; ~ ~ 2 1 36s

. 3 - ~ , M 1 13-Ju1-22 365. 134J/;22 1J.-k1J..23 365~ ~ Z 3 1 s . J j ~ i 4 3 6 8: ~ ~ i 4 1 ~ ~ ~ ~1A-.A:i1-25 1.J.-kII:'2S 364' ';3;.kJJ:16 13.J!i1-'27 365

1 ~ ' : ~ ..1 3 - . A i ~ 2 9 ':;

8,062,500.00

8,06i,sod.QiJ

8,062,500,00

8,062',500,00

8,()62,.&,X);'oo8 , ~ , 5 0 0 . 0 00 6 2 , 5 0 0 ~ 0 0

8,062:50ClOO

8,062,500.00

8,062,500.008,062,500.00

8,062,500.008 , ~ ; ~8,062;560,008,062,500.00

8,062,500.00

8,0GZ,5oQ.00

8,002.500.00

161 ;250,000.00

• If the fixed rate rninusthe:7e.urnulatlv.e Index performance is'hl.gher1han tbe Oap then the client willpay a coupon of 7:'20% £ Cap Is,actlvated,

If for exampteon tM4tti c l ) . u ~ ! 1 the CUrnUfaliyelr'idex p . e r t o t h i c n l ~ e 5 j l t o , 'Epwill pay;

~ % - [35% x OJ5%)=8,025%,s;0 Ep- ,wtJI 1.20%

• If the. ixed rate minus tha·c'llmulative Index performance is iQV(¢rtttl3n theCapthen the ·client will paya coupon below 7.20%,

If for example on the 4th cp1;I'pOn the Cumulative Index performance isA.o'O%, EP will pay:

8.QO% - [35 ciAl x 4.00%J = ,80%, sO ~ P " ' l f l H pay 6.8Q%

• The absolute worst case.:fot the client would be paying 1.20% and receiVIng 6.45% from DB,

DCMJC.orporate Sales +44 207-545-7476



Deutsche Bank 1/1

this term ,sheet has .been IRparedaoieI)' f9.talS.tUS'slonporposes aneS'does r t o t ~ M t i t U t t i i I t I o l l ' l ! r an i O ~ i O n or a recommendation toernerlnto any r . m l i a c ~ n Terms i ; i C l C i S h d i t i o l ' i s h e R ' l i n are inoleatlve,'ai'ld ,Sub)ectlo t l \ i ~ i l O d I o r n e g 9 t i a t i o n between U$ . Fuli d e t a i ~csf the final terms 'and conditions o f ~ r ~ ~ n t . wiO be ~ o h t a i h e d In a' ~ p e ~ ~ 'QtI\eroffering dOCUment relating tp thIstransaction, a copy 0;wl:ikih'wtll b e a ~ i t a b ~ 1 r e e of phatge frOm Deut1icI)eBank.AlthQ\lI!lft.the::l'lfQrmation nerei(1 b e e n obtained fromsources belieVed to bE! . eliable;.we d o - ~ l wanant ltS.;apcur8cy, completeness o r f a l ~ .OPlnions and estrmates may be changedwithout notiCe and involve.a. ~ t l > t ' 8 S s ~ t r o r u r w h l c . h mar net prove valid, Palft'.pedonriaoce js not indicatiVe of future results,Losses to investments may o c c u r d i J « t o 1 I f 1 I ' a / i ~ ~ offectors. .

In the .event you d.ecJde t o ~ t l e i ' hPl#po'Sed trliIiSliCtion, 'DB 'hiltbe trading withy-au onja,PIJt:Iclpalto principal basis and any resale orolhsale f t h l S p r c i d u c t b y ~ u t o t h l t d ~ W i l l h b t b e ltithe eapacityofagentfof be. l(yotidecideto market a n d f o r o n . e l l t h e ~ r o d u c tto t!1lrd partyinvestors'You wlU : )b:I9I"¥ fIRpOJiSiti]efor the marketing and oncceblrw- to'.!l4CIl;!mtestors and for asselSsing the suitablfrtyand appropriaterie$s,cif the 'prJ:idUCt f o r _ l i l ~ o r sWeare not acting. $ ; y . o u r ~ I ) 8 ~ ~ V i l i e i or 'in 'sny; other lilluc:iaty capacity In respect: :of this ,proposed transaction or any othertra.nSaction with 'yOu u n l ~ ~ o t t H i m s e j J i e ~ 1 l ' f W i ' 1 t l l i g . . ..

Wear our affilt,ibis or ~ ! 1 I Q " ' ~ o . s : ~ W,ith us Qt .1I11Ct! "tl!\iate$fAssodatoct ~ may ,litany time maintain as part of ourhei:jglflo o ( , t r a c f t r t S l a ~ ~ a ~ c i r ' ~ A > ~ ~ ~ _ ~ e ~ J g . ~ ~ t n O f ' \ , ~ thereor, 'Or In related futuresor'OptlOllS', p u r d ' i a 8 e o r ~ U . ~ . l I ~ . l t i ~ e any t h e r t @ . h s a c : t ! 9 n ~ " " . U!curftles,.aswell'as eam brokenlge oroll)efcompet'l$atiol'l, ~ ~ ~ ~ f i ; l d i t ) O <ml:!edSlq a C I j V i t l ~ ~ ~ to t.Ve.any ~ g n l f i c a n t Impact upon prices,our e 8 l i ~ c i > l l l d a l f e c t . t h e p i k i e Y o i . l I H l Y ~ i v ~ transactlo!1Sin til . ,or,elated:Se!Cioritles, .

Thill lIocumentaJ:\C( l " r P ~ f t O l 1 c o ~ r r . d h . E ! ~ e i n m l \ y ~ I ) I Y ~ ~ J $ h ; i b u t ~ ( t a o l f p W i I f . ~ ~ 11.1ilidjctlons in which such distribution andP U b I i ~ t i o n is P$li1:1i«ed, Any'direct o . r I n d . ~ ' 1 f l S t t i \ l u t i l > n o f l l i i s ' d O Q u m ' i ! n t inl(ltj:\e U h t . t t ~ ! b e United Kingdom, canada o(Japan,or to US p ~ n s Us i i l l ! m a . " , ~ e d You may naldlst\ibute this ~ u n i e ' ! i t lA'IwIiOkr'9r 'part .,without our prior, express Writtenpermission.

BEFORE ENTERING INTO ANY .TRAN.S;ACJ10N YOU SHOl,JLP TAKE STEPS TO ENSORETHA.T YOU VNDERSTAND AND HAVEM A D E A N I N b E P E N b E N ' t ' A $ . S ~ S $ t , I i ~ 'OF THE SUITABILITY AND APPROPtilATENESS OF THE TRANSACTION ANDCONTRACTUAL R E L A T I O ~ S H f P INTO WHICH YOO ARE ENTERING AND ntE I\IATURE AND 'EXTENT' OF YOUR EXPOSURE TORISK OF LOS$ TN LIGHT O F Y O U 6 : ~ < Q B . i E C T l V E S , FINANCIAL ANDOPERATlONAl RESOURCES AND OTHER RELEVANTCiRCUMSTANCES. yqu,sjiouWTAKi: ,SUOH I NDEPENDENT i I ' 4 V E S T I G A T i O N S ANi:l:SUCH PROFESSIONAL ADVICE AS YOUCONSIDER NECESSARY OR APPROPRIAtE.FOR SUCH PURPOSE.

OeM/Corporate Sales +44 201-545-7476

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