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Czech Republic’s CEZ tenders for $288.59 million, up to €450 million of notes
By Wendy Van Sickle
Columbus, Ohio, April 6 – CEZ a.s. began a capped tender offer for its €750 million of 5% notes due October 2021 (ISIN: XS0458257796) and €500 million 7/8% notes due November 2022 (ISIN: XS1912656375) and a concurrent tender offer for any and all of its $288,594,000 outstanding of its original $700 million of 4¼% notes due April 2022 (ISINs: US157214AA57, XS0764313614), according to two notices.
The company will accept under the capped offer a nominal amount of notes equal to €450 million less the euro equivalent of the notes repurchased under the any and all offer for the dollar notes.
Pricing for the capped offers will be determined based on a purchase yield minus 50 basis points for the 2021 notes and 25 bps for the 2022 notes. Assuming a settlement date of April 21, the price will be 102.741 for the 2021 notes and 101.505 for the 2022 notes.
The company will also pay accrued interest.
CEZ will determine the allocation of the amount accepted for purchase from each series in its sole discretion.
The capped tender offer for the euro notes will expire at 11 a.m. ET on April 19.
Under the any and all tender offer, the company will pay a total consideration of $1,032.50 per $1,000 principal amount, which includes a $30 early tender premium to be paid to holders who tender by the early deadline of that offer, 11:59 p.m. ET on April 19.
The any and all offer will expire at 11:59 p.m. ET on May 3.
The company said the offers are being made as part of its liquidity management strategy and are aimed at optimizing its liquidity position and its cost of debt.
Societe Generale (+33 1 42 13 32 40, +33 1 42 13 79 52 or liability.management@sgcib.com) and UniCredit Bank AG (49 171 306 6648 or corporate.lm@unicredit.de) are the dealer managers.
Lucid Issuer Services Ltd. (+44 20 7704 0880 or cez@lucid-is.com) is the tender agent.
CEZ is a Czech integrated electricity conglomerate.
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