DPL begins tender offer for $280 million of 6½% senior notes due 2016

By Susanna Moon

Chicago, Sept. 3 – DPL Inc. said it began a tender offer for cash for up to $280 million principal amount of its $430 million outstanding 6½% senior notes due 2016.

Pricing will be set at 1 p.m. ET on Sept. 16 using the yield of the bid-side price of the 0.5% Treasury note due Aug. 31, 2016 plus 125 basis points.

The total purchase price will include an early tender premium of $50.00 per $1,000 principal amount of notes tendered by 5 p.m. ET on Sept. 16, the early tender date.

The hypothetical total purchase price was set at $1,094.13 for each $1,000 of notes using a reference yield of 0.528% at 1 p.m. ET on Sept. 2 and a tender offer yield of 1.778%.

The tender offer will end at 11:59 p.m. ET on Sept. 30.

Tendered notes may be withdrawn by the early tender date.

Those who tender their notes after the early deadline will receive the total payment less the early premium.

The tender offer is subject to a financing condition and a minimum tender condition.

BofA Merrill Lynch (888 292-0070 or 980 387-3907 collect) is the dealer manager. D.F. King & Co., Inc. (212 269-5550, 800 431-9643 or email dpl@dfking.com) is the information agent and tender agent.

DPL is a Dayton, Ohio-based energy company.

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