Sweden’s Stena starts capped tender offer for 7% notes due 2024

Chicago, May 18 – Stena AB started a capped tender offer for up to $250 million of its $527 million outstanding 7% senior notes due 2024 (Cusips: 858577AR0, W8758PAK2), according to an offer to purchase document.

The company is offering to pay per $1,000 note $1,020 plus an early tender premium of $30 for a total consideration of $1,050. Interest will additionally be paid.

The early tender deadline is 5 p.m. ET on June 1. This date is also the withdrawal deadline.

Early settlement is tentatively scheduled for June 3.

The offer expires at 11:59 p.m. ET on June 15.

Final settlement is scheduled for June 17.

Tenders may be subject to proration if the cap is exceeded.

Funding for the offer is expected to come from cash on hand.

There are no guaranteed delivery provisions for tendering the notes.

J.P. Morgan AG is the dealer manager for the tender offer (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com).

D.F. King & Co., Inc is the information and tender agent for the offer (866 207-3626, 212 269-5550, stena@dfking.com, fax: 212 709-3328).

Stena is the largest privately owned company in Sweden, based in Gothenburg. The company owns and operates passenger and freight ferry services, drill ships, drilling rigs, oil and petroleum tankers, LNG carriers and roll-on/roll-off vessels.

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