Czech Republic’s CEZ gives final tally of tendered 4¼% notes due 2022

By Marisa Wong

Los Angeles, May 4 – CEZ a.s. announced the final results of its tender offer to purchase for cash any and all of the $288,594,000 outstanding of its original $700 million 4¼% notes due 2022 (ISIN: US157214AA57, XS0764313614).

CEZ accepted an additional $200,000 of notes tendered by the expiration of the offer at 11:59 p.m. ET on May 3, according to a notice.

CEZ had previously accepted $22,392,000 of notes tendered by the 11:59 p.m. ET April 19 early tender time.

The final acceptance amount of the notes is $22,592,000.

The company paid $1,032.50 per $1,000 of notes tendered by the early tender time, inclusive of a $30 early tender premium.

Holders who tendered notes after the early deadline will receive $1,002.50 per $1,000 note.

The company also paid or will pay accrued interest.

Early settlement occurred on April 21, and final settlement will be on May 5.

Euro offer

CEZ had also conducted a capped tender offer for its €750 million of 5% notes due October 2021 (ISIN: XS0458257796) and €500 million 7/8% notes due November 2022 (ISIN: XS1912656375).

The company had initially announced it would accept under the capped offer a nominal amount of notes equal to €450 million less the euro equivalent of the notes purchased under the any-and-all offer for the dollar notes.

The company then decided to increase the maximum acceptance amount to €458,471,513 less the euro equivalent of the early tendered dollar notes accepted for purchase, or €439,866,000.

As of the 11 a.m. ET on April 19 expiration of the capped offer, the company received tenders for €209,081,000 of the 2021 notes and €230,785,000 of the 2022 notes.

The company accepted all of the tendered notes for purchase.

Pricing for the capped offer was based on a purchase yield of minus 50 basis points for the 2021 notes and 25 bps for the 2022 notes. With a settlement date of April 21, the price was 102.741 for the 2021 notes and 101.505 for the 2022 notes.

After settlement, €540,919,000 of the 2021 notes and €269,215,000 of the 2022 notes remain outstanding.

The company had launched the offers on April 6 saying that they were being made as part of its liquidity management strategy and aimed at optimizing its liquidity position and its cost of debt.

Societe Generale (+33 1 42 13 32 40, +33 1 42 13 79 52 or liability.management@sgcib.com) and UniCredit Bank AG (+49 171 306 6648 or corporate.lm@unicredit.de) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or cez@lucid-is.com) is the tender agent.

CEZ is a Czech integrated electricity conglomerate.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.