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DPL announces results of tender for debt
New York, Aug. 11 - DPL Inc. announced the results of its tender offer in which it will pay up to $246 million to buy back its debt.
In total, the company said, $571.8 million of notes were tendered.
DPL said it will accept all $105.004 million of its $300 million 8 1/8% capital securities due 2031 that were tendered. DPL will pay $1,264.56 per $1,000 principal amount, based on a fixed spread of 161 basis points over the 4.477% reference yield on the 5 3/8% Treasury due Feb. 15, 2031. It had been offering to pay up to $246 million to buy back the 8 1/8% capital securities.
DPL will also accept $102.625 million of the $365.803 million of its 6 7/8% senior notes due 2011 that were tendered. This security, with $400 million outstanding, was the second priority for acceptance in the tender. Pricing for these notes is $1,103.20 per $1,000 principal amount based on a fixed spread of 62 basis points over the 4.265% reference yield on the 4 1/8% Treasury note due May 15, 2015.
None of the $101 million of the 8% senior notes due 2009 that were tendered will be accepted. These notes, with $175 million outstanding, were the third priority. Pricing would have been $1,100.20 per $1,000 principal amount based on a fixed spread of 88 basis points over the 4.090% reference yield on the 3 5/8% Treasury note due June 15, 2010.
In total the Dayton, Ohio, electric company will pay $252.9 million including accrued interest up to but excluding the settlement date, which was expected to be Thursday.
DPL announced the tender on July 14. It expired at midnight ET on Aug. 10.
DPL also said it will redeem $200 million principal amount of its 8¼% notes due 2007 on Aug. 29.
Morgan Stanley & Co. Inc. is dealer manager for the tenders (800 624-1804 or collect at 212 761-1864, attention Arthur Rubin). Global Bondholder Services Corp. is the information agent (866 612-1500 or collect 212 430-3774).
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