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Hydro-Quebec extends tender, exchange offers for series GL floaters
By Mary-Katherine Stinson
Lexington, Ky., July 26 – Hydro-Quebec extended its tender and exchange offers for series GL floaters, according to a notice.
Both the tender offer and exchange offer will now expire at 11 a.m. ET on July 28, extended from the original deadline of 11 a.m. ET on July 25.
Settlement is now expected for Aug. 3.
As previously reported, two separate invitations were sent to holders of its $400 million undated floating-rate notes, series GL (ISIN: GB0044519493) guaranteed by Quebec, with $200.81 million outstanding, inviting them to either
• Tender any or all of their existing notes for purchase for cash at a price of 70, plus accrued interest; or
• Offer any or all of their existing notes for exchange on a par-for-par basis for new U.S. dollar-denominated undated floating-rate notes, series JT, to be issued by Hydro-Quebec and guaranteed by Quebec.
As of the original deadline, $730,000 of the existing notes have been tendered for purchase and $128.39 million of the existing notes have tendered in the exchange offer.
As previously reported, the new notes (ISIN: XS2645732467) bear interest at 5.3125% for the period from March 31 to but excluding the last business day falling in September. After that, the coupon will be compounded SOFR plus the original margin of 6.25 basis points plus a credit spread adjustment of 42.826 bps.
The offers are being made in connection with the replacement of Libor with SOFR.
The offers began on July 17.
Merrill Lynch International (+44 20 7996 5420; DG.LM-EMEA@bofa.com) is acting as dealer manager for the offers, and Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; hydroquebec@is.kroll.com; https://deals.is.kroll.com/hydroquebec) is acting as tender and exchange agent.
Hydro-Quebec is a Montreal-based electric utility.
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