DTEK accepts tenders of $82.35 million 7%/7½% PIK toggle notes, gets consents under solicitation

By Wendy Van Sickle

Columbus, Ohio, Oct. 13 – DTEK Energy BV announced the results of its tender offer and consent solicitation related to the 7%/7½% senior secured PIK toggle notes due 2027 (ISIN: XS2342930521) originally issued by DTEK Finance plc, with DTEK Energy as successor issuer.

The tender offer expired at noon ET on Oct. 10.

The company said it had determined to accept tenders representing $82,347,384 of the notes for purchase at a total price of $50 million.

Settlement is set for Oct. 30, after which $1,496,874,012 of the notes will be outstanding, including $353,577,019.35 of notes that will be held by the group and will not be outstanding for the purposes of the indenture.

The issuer also noted that the requisite consents were received under the concurrent consent solicitation and that the proposed amendments have become effective.

Tender offer

As previously reported, under an amended and restated memorandum on Sept. 25, DTEK Holdings and DTEK Energy extended the deadlines for submissions of the instructions and other relevant dates; decided not to decrease the maximum acceptance amount and have provided for a form of instruction to permit holders to revoke their consents to the extent their tender offers are not accepted; increased the consent consideration to 1%; and made some revisions to the proposed amendments.

All tender instructions and consent only instructions submitted prior to Sept. 25, the date of the updated tender offer and consent solicitation memorandum, were deemed revoked as of Sept. 25. Noteholders had to resubmit their tender instructions and consent only instructions at or prior to the new expiration deadline in order to participate in the tender offer or consent solicitation.

Originally the expiration date was Oct. 2.

The tender and tabulation agent is GLAS Specialist Services Ltd. (+44 20 3597 2940; lm@glas.agency).

DTEK is an energy company based in Kyiv, Ukraine.

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