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ENN Energy ups tender cap for 2 5/8% notes due 2030 to $200 million
By William Gullotti
Buffalo, N.Y., Nov. 27 – China’s ENN Energy Holdings Ltd. gave the early results of its tender offer to buy $150 million principal amount of the $750 million outstanding 2 5/8% senior notes due Sept. 17, 2030 (Cusips: 26876FAC6, G3066LAF8) and subsequently upped the tender cap, according to an announcement on Monday.
As of 5 p.m. ET on Nov. 22, which was both the early deadline and withdrawal date, ENN received tenders totaling $211,538,000, representing approximately 28.21% of the outstanding principal.
The company subsequently upped the tender cap by $50 million and indicated that no additional notes will be accepted for purchase after the early deadline.
ENN will pay a total consideration of $831.82 per $1,000 principal amount tendered, which includes the $30 early tender premium payable only to noteholders who tendered before the deadline.
The total consideration is priced with the 3 7/8% U.S. Treasury due Aug. 15, 2033 plus a 115 basis point spread and a proration factor of 91.896%.
Accrued and unpaid interest will also be paid.
Although the offer formally expires at 5 p.m. ET on Dec. 8, the scheduled Nov. 28 early payment date is expected to conclude the offer instead of the expected Dec. 13 final payment date.
As previously reported, the purpose of the tender offer is to reduce the group’s outstanding non-functional currency-denominated debt, to reduce foreign exchange risk.
The company will use cash on hand to finance the offer.
HSBC is the dealer manager (+852 3941 0223, +44 207 992 6237, 212 525-5552, liability.management@hsbcib.com).
Kroll Issuer Services Ltd. is the information and tender agent (+852 2281 0114, ennenergy@is.kroll.com).
ENN Energy is a Lanfang, China-based investment holding company that invests in, operates and manages gas pipeline infrastructure and sells and distributes gas.
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