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Vattenfall offers to buy back £150 million of 6.125% notes due 2019
By Angela McDaniels
Tacoma, Wash., March 11 – Vattenfall AB began a tender offer for up to £150 million principal amount of its £350 million 6.125% notes due 2019, according to a company filing with the London Stock Exchange.
If holders tender more than £150 million of notes, notes will be accepted on a pro rata basis.
The purchase price will be determined at 6 a.m. ET on March 18 by reference to the 3.75% U.K. Treasury Gilt due 2019 and a purchase spread of 125 basis points.
Holders will also receive accrued interest.
The offer will end at noon ET on March 17. The settlement date is expected to be March 23.
The company said the rationale for the tender offer is to optimize and proactively manage its balance sheet structure.
The dealer manager is J.P. Morgan Securities plc (+44 207 134 2468 or emea_lm@jpmorgan.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or vattenfall@lucid-is.com).
Vattenfall is a Stockholm-based energy company.
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