Stedin Holding offers to buy all outstanding perpetual securities

Chicago, Nov. 24 – Stedin Holding NV started a cash tender offer for any and all of the €89,531,000 outstanding perpetual fixed-rate reset securities (ISIN: XS1141810991), according to a notice.

The company is offering to buy the notes at par plus an early tender premium that will be calculated with a 285 basis points spread over the benchmark rate, for holders who tender their notes before 11 a.m. ET on Dec. 6.

Interest will also be paid to the settlement date, expected to be Dec. 21.

The consideration of the early tender premium will be priced at 5 a.m. ET on Nov. 29.

The pricing time is also the reset coupon determination date.

With the offer, Stedin is soliciting consents to allow the issuer to redeem all of the notes outstanding after the consent solicitation at the early redemption price by giving at least five days’ notice.

The offer expires at 4 a.m. ET on Dec. 14.

The tender offer is conditional on the passing of the extraordinary resolution. The meeting for the extraordinary resolution is scheduled for 4 a.m. ET on Dec. 16.

An early redemption date is scheduled for Dec. 23 in the event that the extraordinary resolution is passed and the early redemption option is exercised immediately.

The meeting needs to be quorate or it will be adjourned.

ING Bank NV (+44 20 7767 6784, liability.management@ing.com) is the dealer manager.

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, stedin@lucid-is.com).

Stedin Holding is an electricity and gas grid manager based in the Netherlands.

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