International Power unit holders tender 95.9% of 7¼% notes due 2017

By Susanna Moon

Chicago, Oct. 12 - International Power plc subsidiary International Power Finance (2010) plc said it received tenders for €237,079,000 principal amount, or about 95.9%, of its €247,224,000 of outstanding 7¼% senior secured notes due 2017.

The offer ended at noon ET on Oct. 11, and holders had tendered €236,782,000 of notes by the early deadline, according to a company press release.

As noted before, the total purchase price is €1,268.01 per €1,000 principal amount of notes tendered by noon ET on Sept. 26, the early tender date. The total payment includes a €30.00 early tender premium and a €5.00 consent fee for notes tendered by the early deadline.

Those who tendered after the consent date will receive €1,233.01 per €1,000 principal amount of notes.

Holders will also receive accrued interest up to but not including the settlement date, which was Oct. 1 for early tendered notes and Oct. 16 for notes tendered after the consent date.

Holders who tendered notes had to deliver consents. Holders could have instead elected to deliver their consents without tendering their notes, in which case they would have received only the consent payment of €5.00 per €1,000 of notes.

Pricing was set using the interpolated mid-swap rate plus a fixed spread of 35 basis points at 9 a.m. ET on Sept. 26. The annualized tender offer yield was 1.254%.

The issuer solicited consents to amend the note indenture to eliminate the section on reports to holders.

The adoption of the proposed amendments required the consent of holders of a majority of the outstanding principal amount of notes, and the tender offer was conditioned on receiving enough consents to amend the notes.

Deutsche Bank AG, London Branch (44 0 20 7545 8011 or liability.management@db.com) and HSBC Bank plc (44 0 20 7992 6237 or liability.management@hsbcib.com) were the dealer managers. Deutsche Bank AG, London Branch (44 0 20 7547 5000 or email xchange.offer@db.com) was the tender and tabulation agent.

International Power is a London-based power generation company.

© 2015 Prospect News.
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