3W Power announces tender for up to €4.95 million of notes due 2019

By Wendy Van Sickle

Columbus, Ohio, March 9 – 3W Power SA tendered for up to €4.95 million of its €50 million of outstanding notes due Aug. 29, 2019, according to a notice.

The issuer is offering to pay a price of 101 for the notes.

The offer expires at 6 p.m. ET on April 7.

The issuer will also pay accrued interest up to but excluding the settlement date, which is expected to be April 15.

3W Power said it will use €5 million of proceeds from the sale of its Fluxpower GmbH and Primetech Srl units to fund the tender offer.

Under the terms of the notes, 3W is required to use proceeds in excess of €2 million plus reasonable costs and taxes from any sale of subsidiaries to fund repurchases of the notes by way of a tender offer.

If the offer is oversubscribed, the notes will be purchased on a prorated basis.

The company said it reserves the right to extend, reopen, terminate or change the conditions of the tender offer.

Oddo Seydler Bank AG is the central settlement agent.

3W is the holding company for AEG Power Solutions, a Zwanenburg, Netherlands-based provider of power electronics systems and solutions for industrial power supplies and renewable energy applications.

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