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Hovensa begins tender offer for $355.68 million of revenue bonds
By Angela McDaniels
Tacoma, Wash., Jan. 23 - Hovensa LLC began a tender offer for five series of refinery facilities revenue bonds totaling $355,683,000, according to a company news release.
The following bonds are eligible for the offer:
• $63.02 million of 6.5% bonds due July 1, 2021, series 2002, issued by the Government of the United States Virgin Islands the for the Hovensa coker project;
• $63,733,000 of 6.5% bonds due July 1, 2021, series 2002, issued by the Virgin Islands Public Finance Authority for the Hovensa coker project;
• $74,175,000 of 6.125% senior secured tax-exempt bonds due July 1, 2022, series 2003, issued by the Virgin Islands Public Finance Authority for the Hovensa refinery;
• $50.66 million of 5.875% senior secured tax-exempt bonds due July 1, 2022, series 2004, issued by the Virgin Islands Public Finance Authority for the Hovensa refinery; and
• $104,095,000 of 4.7% senior secured tax-exempt bonds due July 1, 2022, series 2007, issued by the Virgin Islands Public Finance Authority for the Hovensa refinery.
The company is offering par plus accrued interest up to but excluding the purchase date, which is expected to be Feb. 21.
Tenders will only be accepted in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
The tender offer will expire at 11:59 p.m. ET on Feb. 17.
The tender offer is subject to the company having enough cash of hand on the expiration date to purchase the tendered bonds. It is not conditioned on the tender of any minimum principal amount of bonds.
The dealer manager is Goldman Sachs & Co. (800 828-3182 or 212 357-4692). The depositary and information agent is Global Bondholder Services Corp. (866 857-2200 or 212 430-3774).
Hovensa owns a crude oil refinery in St. Croix in the U.S. Virgin Islands. It is owned 50% by a subsidiary of Hess Corp. and 50% by a subsidiary of Petroleos de Venezuela, SA.
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