ACWA announces results of offer for 2039 bonds; no additional tenders

Chicago, Dec. 7 – Saudi Arabia’s ACWA Power Management and Investments One Ltd. announced the final tender results of its Nov. 7 offer to purchase for cash a capped amount of its pre-amortization aggregate principal amount of its $814 million pre-amortization aggregate principal amount (equivalent to $812,372,000 post-amortization) of 5.95% senior secured bonds due Dec. 15, 2039 (Cusip: M00020AA1, 005117AA4).

The company announced previously that it is increased the maximum tender amount to $428 million from $400 million.

As of the early tender deadline at 5 p.m. ET on Nov. 21, holders had tendered $400,729,000 total pre-amortization principal amount of bonds. The company said it would accept all of the early tendered notes in full without proration.

At the final deadline, the amount was unchanged.

After the early settlement date, Nov. 25, the aggregate pre-amortization principal amount of bonds that will remain outstanding is $413,271,000.

Previously given details

A scaling factor of 0.998 was applied to the calculation of the tender consideration and early tender payment and, as a result, was automatically applied to the total consideration, which was the tender consideration plus the early tender payment.

The issuer was 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 who tendered by the early tender deadline were eligible to receive the early tender payment.

The offer expired at 11:59 p.m. ET on Dec. 6.

Final settlement was 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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