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Consolidated Energy reports early tenders of $844.44 million 6¾% notes, all $200 million floaters
By Wendy Van Sickle
Columbus, Ohio, June 9 – Consolidated Energy Finance SA said all of its $200 million of senior floating-rate notes due 2019 and $844.44 million of its $1.05 billion 6¾% senior notes due 2019 were tendered by the early deadline of its offer for the notes.
The early deadline was 5 p.m. ET on June 9.
The company launched the offer on May 26.
There is no cap for the floating rate notes and a $551.2 million cap for the 6¾% notes, increased on May 31 from the $500 million originally announced.
Because the cap for the 6¾% notes was exceeded, those notes will be accepted for purchase using a proration factor of about 60.6%, according to a news release.
Per $1,000 principal amount, the company will pay a total consideration of $1,000 for the floating-rate notes and $1,034.50 for the 6¾% notes.
Each total consideration includes an early tender payment of $30 per $1,000 principal amount of notes tendered by the early tender deadline.
Holders will also receive accrued interest to, but excluding, the settlement date.
Early settlement is expected to occur on June 12, with a total cash payment of about $777.6 million to be made.
Because the offer has been fully subscribed, the issuer will not accept for purchase any notes tendered after the early tender date.
Any notes not accepted for purchase due to proration will be returned to their holders.
The tender offer will expire at 11:59 p.m. ET on June 23.
The tender offer is subject to the successful closing of an offering of new senior notes, among other conditions.
All notes purchased in the tender offer will be canceled.
The dealer manager is Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057). The tender and information agent is D.F. King & Co., Inc. (212 269-5550, 888 605-1958 or cef@dfKing.com).
Consolidated Energy Finance is based in Luxembourg. It is a subsidiary of Consolidated Energy Ltd., which acquires and develops companies that focus on alternative waste management and energy production.
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