Centrus begins offer to purchase remaining series B preferred shares

By Rebecca Melvin

Concord, N.H., Oct. 20 – Centrus Energy Corp. is commencing a cash tender offer to purchase all of its outstanding series B senior preferred stock, according to a news release.

The purchase price will be $1,145.20 per share, including dividends.

The aggregate liquidation preference per share was $1,347.29 as of Sept. 30, and there were 37,847 preferred shares outstanding at that time, with a liquidation preference of about $51 million or about $1,347.29 per share, consisting of about $37.8 million original liquidation preference and about $13.2 million of accrued dividends.

Centrus intends to pay for the shares repurchased in the tender offer with available cash.

The offer will expire at 5 p.m. ET on Nov. 18.

Concurrently with the tender, the company is soliciting consents to amend the shares’ designation certificate to remove a redemption restriction, among other things. The amendment requires the consent of at least 90% of holders. If the amendment is approved, the company also plans to redeem all of the shares remaining after the tender at a reduced redemption price.

D.F. King & Co., Inc. (800 967-5074, 212 269-5550; centrus@dfking.com) is the information agent, and Computershare Trust Co., NA is the depositary.

Centrus is a Bethesda, Md.-based supplier of nuclear fuel and advanced technology services.

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