French utility GDF Suez (GSZ.FR) has set final price guidance on its EUR2 billion, two-part bond, one of the banks running the sale said Monday.

The EUR1 billion, seven-year bond will price at 60 basis points over mid-swaps, at the tight end of initial guidance for 60-65 basis points over mid-swaps.

The 12-year part of the deal will also have a size of EUR1 billion, and will price at 80 basis points over mid-swaps, compared to initial guidance of 80-85 basis points over mid-swaps.

BBVA SA, BNP Paribas SA, Credit Agricole SA, Citigroup, ING Groep NV, Mitsubishi UFJ Securities International PLC, Natixis and Societe Generale SA are leading the transaction.

The bonds are expected to have an Aa3 rating from Moody's Investors Service Inc. and A from Standard and Poor's Corp.

The new bonds are being sold in conjunction with a tender offer for three of GDF Suez's shorter-dated notes. The company will offer to buy back from bond holders its outstanding 4.375% 2012 bonds, 4.75% 2013 bonds and 6.25% 2014 bonds.

The tender expires at 1400 GMT Oct. 18, with settlement expected Oct. 21.

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