Teollisuuden Voima reports tenders of €177.22 million 2 5/8% notes

By Wendy Van Sickle

Columbus, Ohio, June 22 – Teollisuuden Voima Oyj took in tenders of €177,223,000 of its outstanding €500 million 2 5/8% notes due Jan. 13, 2023 (ISIN: XS1514470316) under its offer to purchase any and all of the notes for cash, according to a notice.

The purchase price of 104.166 was set using a purchase yield of negative 0.05%.

The offer began on June 14 and expired at noon ET on June 21.

Settlement is slated for June 24.

The tender offer is subject to new financing. Teollisuuden Voima plans to issue €600 million of new 1 3/8% seven-year notes to finance the tender offer.

The issuer said the purpose of the tender offer is to provide liquidity to noteholders and is being made as part of its active management of its balance sheet.

Danske Bank A/S (+45 33 64 88 51, attn.: debt capital markets, liabilitymanagement@danskebank.dk) and Skandinaviska Enskilda Banken AB (+46 8 506 231 89, attn.: liability management, liabilitymanagementdcm@seb.se) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Arlind Bytyqi, tvo@lucid-is.com) is the tender agent.

The nuclear power company is based in Eurajoki, Finland.

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