Teollisuuden Voima reports tenders of €106.11 million of 2 5/8% notes

By Wendy Van Sickle

Columbus, Ohio, March 31 – Teollisuuden Voima Oyj received and accepted tenders of €106,112,000 notes by the expiry of its cash offer for any and all of its €311,777,000 outstanding 2 5/8% notes due Jan. 13, 2023 (ISIN: XS1514470316), according to a notice.

The issue was originally €500 million in size.

The purchase price will be 101.863, based on a spread of 45 basis points over the benchmark interpolated Euribor and mid-swap rate. Holders will also receive €5.61 of accrued interest per €1,000 principal amount.

Pricing took place at 6 a.m. ET on March 31.

The offer expired at noon ET on March 30.

Settlement is expected to be April 1.

The tender offer, which was announced on March 23, is subject to new financing. In allocation of the new notes, the company may give preference to holders of the existing notes who participate in the tender offer.

Nordea Bank Abp (+45 6161 2996; nordealiabilitymanagement@nordea.com) and Swedbank AB (+46 700 92 92; liabilitymanagement@swedbank.se) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880; tvo@lucid-is.com, https://deals.lucid-is.com/tvo) is the tender agent.

The nuclear power company is based in Eurajoki, Finland.

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