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Stedin Holding begins cash tender offer on €500 million perpetual notes
By Taylor Fox
New York, March 22 – Stedin Holding NV commenced a cash tender offer to purchase its outstanding €500 million perpetual fixed-rate reset securities (ISIN: XS1141810991), according to an announcement.
Stedin will repurchase the notes at a price to be determined by reference to a fixed purchase yield of negative 0.10%, plus interest.
The tender offer is conditioned on completion of an offering of new euro-denominated perpetual fixed-rate reset notes.
The maximum amount of existing notes that Stedin will purchase under the tender offer will be no more than the amount of new notes to be issued. However, the company said it reserves the right to accept significantly less than, or none of, that final acceptance amount.
If the total amount of notes tendered exceeds the final acceptance amount, notes will be purchased on a pro rata basis.
The tender offer will expire at 12 p.m. ET March 29.
The settlement date is expected to be April 1.
The company said that in allocating the new notes it plans to give preference to investors who participate in the tender offer.
Cooperatieve Rabobank UA (+31 30 216 9082; corporate.liabilitymanagement@rabobank.com), ING Bank NV (+44 20 7767 6784;.management@ing.com), MUFG Securities (Europe) NV (+44 20 7577 4218; liability.management@mufgsecurities.com) and NatWest Markets NV (+31 20 464 2755; liabilitymanagement@natwestmarkets.com) are the dealer managers for the tender offer.
Lucid Issuer Services Ltd. (+ 44 20 7704 0880; stedin@lucid-is.com) is the tender agent.
Stedin Holding is an electricity and gas grid manager based in the Netherlands.
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