Eesti Energia begins tender offer for €500 million 2.384% notes

By Mary-Katherine Stinson

Lexington, Ky., May 16 – Deutsche Bank AG, as offeror, announced a tender offer for Eesti Energia AS’ €500 million 2.384% notes due 2023 (ISIN: XS1292352843), according to a notice.

The maximum acceptance amount will be announced soon and is expected to equal the amount of a planned issuance of new notes.

The offer will expire at 11 a.m. ET on May 24.

Pricing will be determined at 9 a.m. ET on May 25 and will reflect a yield to maturity based on the interpolated mid-swap rate plus 170 basis points.

Settlement is expected for May 30.

The offeror will also pay accrued interest on notes accepted for purchase.

The tender offer is subject to the successful issuance of new euro-dominated fixed-rate notes.

Holders who tender their notes may receive priority allocation in subscribing to the new notes at the sole discretion of the company.

The notice stated that the issuance of new notes may be consummated before or after the expiration of the tender offer and, therefore, holders who wish to participate in the new note offering should contact the dealer manager promptly.

Tender instructions are irrevocable except in limited circumstances.

BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), Deutsche Bank AG (+44 20 7545 8011) and Skandinaviska Enskilda Banken AB (publ) (+358 40 585 7898, SEBLiabilityManagement@seb.se) are dealer managers for the offer.

Citibank, NA (+44 20 7508 3867; citiexchanges@citi.com) is the tender agent.

Eesti Energia is a utility based in Tallinn, Estonia.

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