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International Power Finance prices tender offer for 7¼% notes due 2017
By Angela McDaniels
Tacoma, Wash., Sept. 26 - International Power plc subsidiary International Power Finance (2010) plc set the price it will pay in the tender offer and consent solicitation for its €247,224,000 of outstanding 7¼% senior secured notes due 2017, according to a company filing with the London Stock Exchange.
Holders will receive €1,268.01 per €1,000 principal amount of notes. This payment includes a €30.00 early tender premium and a €5.00 consent consideration for each note tendered by noon ET on Sept. 26, the early tender date.
Holders who tender notes must deliver consents. Holders may instead elect to deliver their consents without tendering their notes, in which case they will receive only the consent consideration of €5.00 per note.
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 is 1.254%.
The tender offer will end at noon ET on Oct. 11.
Settlement for notes tendered by the early deadline is slated for Oct. 1. Settlement for notes tendered after the early deadline will be on Oct. 16.
The issuer is soliciting consents to amend the note indenture to eliminate the section on reports to holders.
The adoption of the proposed amendments requires the consent of holders of a majority of the outstanding principal amount of notes, and the tender offer is 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) are the dealer managers. Deutsche Bank AG, London Branch (44 0 20 7547 5000 or email xchange.offer@db.com) is the tender and tabulation agent.
International Power is a London-based power generation company.
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