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Sweden’s Stena gives partial tender results, extends early offer
Chicago, June 1 – Stena AB announced early partial tender offer results and extended its early tender premium expiration date, according to a press release on Tuesday evening.
The company is conducting a tender offer for up to $250 million of its $527 million outstanding 7% senior notes due 2024 (Cusips: 858577AR0, W8758PAK2).
As of the early deadline at 5 p.m. ET on June 1, the company has received tenders for $131,105,000, or 24.88%, of the notes. The company will accept all of the notes so far tendered.
Additionally, the company is extended the early tender consideration to the final expiration time on June 15 at 11:59 p.m. ET.
Noteholders who tender notes will continue to receive $1,020 per $1,000 note plus an early tender premium of $30 for a total consideration of $1,050. Interest will additionally be paid.
Early settlement is now June 4, pushed back from a tentative June 3 date.
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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