Teollisuuden Voima launches tender offer for 2% notes due 2024

By Marisa Wong

Los Angeles, May 22 – Teollisuuden Voima Oyj has begun a cash tender offer for any and all of its €400 million 2% notes due May 8, 2024 (ISIN: XS1816329418), according to a notice.

Pricing will be based on the interpolated Euribor and mid-swap rate and a fixed spread of 5 basis points.

The company will also pay accrued interest.

The offer is subject to a new financing condition. The company plans to issue new euro-denominated notes to finance the tender offer. Holders who participate in the tender offer may be given priority in allocation of the new notes.

The offer will end at 11 a.m. ET on May 30.

Pricing will be determined at or around 5 a.m. ET on May 31. Results will be announced soon after pricing.

The settlement date is expected to be June 2.

The dealer managers are OP Corporate Bank plc (+358 50 599 1281; liabilitymanagement@op.fi) and Skandinaviska Enskilda Banken AB (+44 7 818 426 149; liabilitymanagementdcm@seb.se).

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Jacek Kusion; tvo@is.kroll.com; https://deals.is.kroll.com/tvo)

The nuclear power company is based in Eurajoki, Finland.

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