In accordance with the terms of article 249, number 2, paragraph c) of the Portuguese Securities Code, Galp Energia,
SGPS, S.A. (“Galp Energia” or “Company”) hereby discloses that on the general bondholders meeting of the Euro
700,000,000 Floating Rate Notes due 2013 convened today, the proposals presented by the board of directors were
approved with the favourable vote of the bondholders representing more than 90% of the total issue amount, as
follows:
- Increase the threshold level of the Consolidated Total Net Debt to Consolidated EBITDA ratio, related to the
2010 and 2011 business years, that can be reached without triggering an event of default;
- Amendment of the bond’s interest rate calculation formula;
- The amendments approved are effective as from the beginning of the ongoing interest period.
As a result of these resolutions, the interest rate for the coupon which started on May 20, 2010 is set at 4.607%.
These amendments allow Galp Energia to have a higher financial flexibility, proving the strong support of bondholders to Galp Energia’s investment and development plans currently under execution.
On the initial issue, the loan was structured as a club deal with a total of 14 domestic and international banks, with joint coordinators being CaixaBI and Santander GBM. The joint lead managers were Banco Santander Totta, S.A., Caixa – Banco de Investimento, S.A., Banco Espírito Santo de Investimento, S.A., Banco BPI, S.A., Banco Bilbao Vizcaya Argentaria (Portugal), S.A., BNP Paribas and Caixa d'Estalvis y Pensiones de Barcelona (la Caixa). The co‐lead managers were Caixa Económica Montepio Geral, Banco Millennium BCP Investimento, S.A., BB Securities Ltd. (Banco do Brasil), The Bank of Tokyo‐Mitsubishi UFJ, Ltd., Banco Itaú Europa, S.A. – Sucursal Financeira Internacional, Merrill Lynch International and Société Générale.