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ACWA Power tenders for up to $400 million of 2039 bonds
By Marisa Wong
Los Angeles, Nov. 7 – Saudi Arabia’s ACWA Power Management and Investments One Ltd. announced an offer to purchase for cash up to $400 million pre-amortization aggregate principal amount of its $814 million pre-amortization aggregate principal amount (equivalent to $812,372,000 post-amortization) of its 5.95% senior secured bonds due Dec. 15, 2039 (Cusip: M00020AA1, 005117AA4).
A scaling factor of 0.9980 will be applied to the calculation of the tender consideration and early tender payment and, as a result, will be automatically applied to the total consideration, which is the tender consideration plus the early tender payment.
The issuer is offering a tender consideration of $907.50 per $1,000 pre-amortization principal amount and an early tender payment of $30 per $1,000 pre-amortization principal amount, for a total consideration of $937.50 per $1,000 pre-amortization principal amount.
Holders tendering by the early tender deadline at 5 p.m. ET on Nov. 21 are eligible to receive the early tender payment.
Tenders may not be withdrawn after the early tender deadline.
Early results will be announced on Nov. 22.
The early settlement date is expected to be Nov. 25.
The offer expires at 11:59 p.m. ET on Dec. 6.
Results will be announced on Dec. 7.
Final settlement is expected to be on Dec. 9.
Citigroup Global Markets Ltd. (212 723-6106, 800 558-3745, +44 20 7986 8969; attn.: liability management group; liabilitymanagement.europe@citi.com) is the dealer manager.
Citibank, NA, London Branch (+44 20 7508 3867; attn.: exchange team – agency & trust; citiexchanges@citi.com) is the information and tender agent.
The issuer said the main purpose of the tender offer is to reduce its debt service obligations through the early repayment and cancellation of the bonds that are accepted for purchase under the offer.
ACWA Power is a Saudi Arabia-based developer, investor and operator of power generation and desalinated water plants.
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