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Consolidated Energy gives early results of oversubscribed tender offer
Chicago, July 2 – Consolidated Energy Finance SA announced the early results of its tender offer for up to $210 million of its $425 million outstanding senior floating-rate notes due 2022 (Cusips: L1957QAC4, 20914UAC0), according to a notice.
As of the early tender deadline at 5 p.m. ET on July 1, the company received tenders for $309,010,000 of the notes. Of those tendered notes, $209,999,000 will be accepted for purchase.
Consolidated Energy will apply a proration factor of 67.4%. After the proration factor is applied, the company will determine if it causes the returned notes to fall below the minimum denomination of $150,000. In those cases, the returned notes would be accepted in full.
The early settlement date is July 6.
As previously reported, the company is offering a total consideration of $1,000 per $1,000 note, inclusive of a $30 early tender payment. Interest will also be paid.
The offer is subject to the satisfaction of a financing condition, based on the successful drawings on an incremental term loan and/or revolver that lists in one capacity or another parent Consolidated Energy AG, the issuer and Methanol Holdings (Delaware) LLC as borrowers.
The tender offer technically will expire at 11:59 p.m. ET on July 16.
The previous deadline was July 15. The offer had been extended as a result of the new Juneteenth federal holiday in the United States.
However, the offer has been oversubscribed, and the company will not accept any more notes for purchase.
Morgan Stanley & Co. LLC is the dealer manager (800 624-1808, 212 761-1057).
D.F. King & Co., Inc is the information and tender agent for the offer (800 591-8263, 212 269-5550, cef@dfking.com).
Consolidated Energy Finance is based in Luxembourg. It is a subsidiary of Consolidated Energy Ltd., which acquires and develops companies that focus on alternative waste management and energy production.
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