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Ukraine’s DTEK announces auction results from PIK notes tender offer
Chicago, Nov. 3 – DTEK Finance plc announced the results of its unmodified Dutch auction tender offer for its $1,671,217,683 outstanding 7%/7˝% senior secured PIK toggle notes due 2027 (ISIN: XS2342930521) in an announcement on Thursday.
The minimum price was $200 per $1,000 principal amount, and the maximum price was $1,000, reflecting discounts to par of 80% and 0%, respectively.
The company said the highest accepted price was $240. All note purchase payment amounts equal $32,507,232.20.
Following settlement on Nov. 10, there will be $1,516,874,012 of the notes remaining.
The deadline for submitting discount range repurchase offers was 5 p.m. ET on Oct. 27.
Background
With respect to the interest period ending March 31, 2022, the issuer paid a portion of an installment of interest due on the PIK notes. As of June 30, the issuer had an available PIK excess cash amount of $49,401,281.20. As of Sept. 28, the principal amount of the notes representing amounts paid as PIK interest for all periods on and from Jan. 1, 2022 was $16,894,049.
On Sept. 28, the issuer gave a notice of mandatory redemption of the notes paid as PIK interest in respect of all periods on and from Jan. 1, 2022 at par, along with any interest accrued during the period from Sept. 30 to the Oct. 7 PIK redemption date in the principal amount of $16,894,049.
Following this PIK redemption event, the issuer had an available excess cash amount of $32,507,232.20. Under the indenture governing the notes, the issuer is required to offer to repurchase outstanding notes in the amount up to the available excess cash amount.
Following settlement of the offer, the available mandatory redemption cash amount is nil.
GLAS Specialist Services Ltd. (+44 20 3597 2940; attn.: trustee & escrow services; TES@GLAS.AGENCY) is the auction agent.
DTEK is a Ukraine-based energy holding company.
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