Ornex reduces consideration in offer for DTEK notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., Feb. 15 – Ornex Ltd. reduced the total consideration in its second tender offer for DTEK Renewables Finance BV’s €325 million 8½% senior notes due 2024 (ISINs: XS2069980246, XS2070013250), according to an announcement.

The company is now offering a total tender consideration of €14,867,440, downsized from the previous $20 million.

The actual purchase prices were to be determined via an unmodified Dutch auction. Bids were required to be between €1 and €1,000 per each €1,000 principal amount of notes. Accrued interest will also be paid.

All other aspects of the offer remain the same.

Tender instructions delivered prior to this announcement remain irrevocable.

As previously reported, Ornex currently holds €8.6 million of the notes, acquired through a previous tender offer.

The offer expired at 11 a.m. ET on Feb. 14, which had been extended from 11 a.m. ET on Feb. 10.

Results will be announced around Feb. 16.

Tenders may be prorated.

The purpose of the offer is to enable the group to optimize its capital structure by deleveraging and decreasing its debt burden.

The offer started Jan. 27.

The settlement date is set for Feb. 24.

Bank of New York Mellon, London Branch (+44 12 0268 9644 or debtrestructuring@bnymellon.com) is the tender agent.

The issuer is a Netherlands-based special purpose entity of the Ukraine-based energy holding company DTEK.

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