Stedin Holding to accept €410.47 million tenders of perpetual notes

By Taylor Fox

New York, March 30 – Stedin Holding NV announced the results of its cash tender offer to purchase outstanding €500 million perpetual fixed-rate reset securities (ISIN: XS1141810991), according to an announcement.

Stedin received tenders of €410,469,000 and will accept the full amount with no pro rata scaling.

Stedin will repurchase the notes at 102.242 plus interest, determined by reference to a fixed purchase yield of negative 0.1%.

The tender offer was conditioned on completion of an offering of new euro-denominated perpetual fixed-rate reset notes, which has been satisfied.

Following the settlement, €89,531,000 of the notes will remain outstanding.

The tender offer expired at 12 p.m. ET March 29.

The settlement date is expected to be April 1.

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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