Urenco accepts €137.6 million 4% notes due 2017 in tender offer

By Wendy Van Sickle

Columbus, Ohio, Aug. 4 – Urenco Finance NV said it took in tenders for about €137.6 million principal amount of its €500 million 4% notes due 2017 in a cash tender offer which expired at 10 a.m. ET on Aug. 3.

According to a company notice with the London Stock Exchange, Urenco will accept for purchase all notes validly tendered by the expiration date with no pro rata scaling.

Pricing took place on Aug. 4 and was based on the interpolated mid-swap rate of 0.079% plus accrued interest of 1.00546%, for a total payment of 106.849% of par.

Following settlement on Aug. 5, €362.4 million principal amount of the notes will remain outstanding.

Urenco announced the tender on July 27, saying it would buy up to €150 million of the notes.

Pricing was at 7 a.m. ET on Aug. 4 by using the purchase yield of a purchase spread of zero basis points and the interpolated mid-swap rate.

BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and HSBC Bank plc (+44 20 7992 6237 or liability.management@hsbcib.com) were the dealer managers for the offer. Lucid Issuer Services Limited (+44 20 7704 0880 or urenco@lucid-is.com) was the tender agent.

Urenco Ltd. is an enrichment services provider to the nuclear industry and is based in Buckinghamshire, England.

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