Ornex extends tender offer for DTEK Renewables 8½% notes due 2024

By Marisa Wong

Los Angeles, Dec. 1 – Ornex Ltd. announced an amendment to its Nov. 22 offer for holders of DTEK Renewables Finance BV’s €325 million 8½% senior notes due 2024 (ISINs: XS2069980246, XS2070013250) to tender their notes for purchase under a Dutch auction for a total tender consideration of up to €20 million.

The expiration deadline has been extended to 11 a.m. ET on Dec. 9 from 11 a.m. ET on Dec. 1, according to a notice on Thursday.

Also, the results announcement date and effective date have been pushed back to Dec. 13 and Dec. 16, respectively.

Previously, results, including the highest accepted price, were to be announced on Dec. 5.

As previously reported, the purchase price must range from €10 to €300 per €1,000 principal amount.

Prices must be submitted in increments of €1 per €1,000 of notes. Tenders must be submitted in increments of €1,000, specifying what price the holder is willing to sell that principal amount of notes for. Holders may submit more than one tender instruction up to the total principal amount of notes they hold.

The purchase price for tender instructions that do not specify a price or that specify a price above the maximum purchase price will be deemed to be submitted for a price of €300 per €1,000 principal amount.

The offeror will set a highest accepted price that will result in the €20 million total purchase price, and notes tendered at a price that equals that highest accepted price will be accepted on a pro rata basis such that the total purchase price is not exceeded.

Bank of New York Mellon, London Branch (+44 12 0268 9644 or debtrestructuring@bnymellon.com) is the tender agent.

The offeror said the invasion of Russian forces in Ukraine that started on Feb. 24, 2022 has resulted in a number of significant challenges and disruptions for the group, including a large ongoing decrease in its electricity production; an order from Ukrenergo to cease production activities in order to ensure the stability and balancing of the Ukrainian energy sector from Feb. 24, 2022 to March 2, 2022; the receipt by the group of only partial payments for electricity; and an increase in the amount of curtailment services provided by the group at the request of Ukrenergo, for which it has been paid only 49% of the payments due.

The issuer is a Netherlands-based special purpose entity of the Ukraine-based energy holding company DTEK.

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