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Cadent begins capped tender offer for fixed-rate instruments due 2024
By Marisa Wong
Los Angeles, June 26 – Cadent Finance plc (formerly National Grid Gas Finance plc) is inviting holders of its outstanding €750 million fixed-rate instruments due 2024 (ISIN: XS1493320656) guaranteed by parent Cadent Gas Ltd. (formerly National Grid Gas Distribution Ltd.) to tender their instruments for purchase for cash, according to a notice.
The issuer will accept up to a maximum amount of the 2024 instruments that will be set equal to the amount of new instruments to be issued under a concurrent offering.
The purchase price under the tender offer will be based on the interpolated mid-swap rate and a purchase spread of negative 15 basis points.
The company will also pay accrued interest.
Tenders may be subject to proration.
The offer expires at 11 a.m. ET on July 4.
Indicative results will be announced prior to the pricing time, which will be at or around 7 a.m. ET on July 5. Final results and pricing will be announced soon after that.
Settlement is slated for July 7.
The tender offer is conditioned on completion of the new issue.
The tender offer and the issuance of new instruments are being made to proactively manage the company’s debt profile, according to the notice.
Holders who participate in the tender offer may be given priority in allocation of the new notes.
The dealer managers are Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com); BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com); Credit Agricole CIB (+44 20 7214 5733; liability.management@ca-cib.com); Mizuho International plc (+44 20 7090 6134; liabilitymanagement@uk.mizuho-sc.com); SMBC Nikko Capital Markets Ltd. (+44 204 507 5043; liability.management@smbcnikko-cm.com).
The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; cadent@is.kroll.com; https://deals.is.kroll.com/cadent).
Cadent Gas is a U.K.-based regional gas distribution company.
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