DTEK increases tender offer cap to $80 million, extends expiration

By Marisa Wong

Los Angeles, March 20 – DTEK Holdings Ltd. announced it increased the maximum acceptance amount and extended the deadline under its March 6 cash tender offer for the 7%/7½% senior secured PIK toggle notes due 2027 (ISIN: XS2342930521), originally issued by DTEK Finance plc with DTEK Energy BV as successor issuer.

DTEK announced on Monday it has decided to increase the maximum acceptance amount to $80 million in response to a high amount of tender instructions submitted by investors.

The company originally offered to accept notes for purchase up to a maximum aggregate purchase price of $30 million. The company had said it could increase the offer cap.

The company has also extended the expiration deadline to 1 p.m. ET on March 23 from March 20. Results will be announced March 24, and settlement is now expected to be on April 14.

There is $1,506,874,012 principal amount of the notes outstanding, $79,508,689 of which is held by the offeror.

Pricing will be determined under an unmodified Dutch auction. The minimum purchase price is $0 per $1,000 principal amount.

The company will also pay accrued interest.

Tenders may be subject to proration.

GLAS Specialist Services Ltd. (+44 20 3597 2940; attn.: DCM Liability Management - DTEK Tender; lm@glas.agency) is the tender agent.

DTEK is an energy company based in Kyiv, Ukraine.

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