Ukraine's DTEK gets early tenders for $370.12 million of 9½% notes

By Susanna Moon

Chicago, March 26 - DTEK Finance BV said it received tenders for $370,117,000 principal amount, or about 74%, of its 9½% notes due 2015 by the early tender deadline of 5 p.m. ET on March 25.

As reported, the company began the cash tender offer and consent solicitation for up to $300 million of the notes on March 13. The notes are guaranteed by DTEK Holdings BV and DTEK Holdings Ltd.

The company obtained the needed consents for at least a majority of the notes and plans to enter into the supplemental indenture to adopt the proposed amendments, according to a press release.

The proposed amendments will become operative when the tendered notes are settled.

As noted before, the company is seeking consents to amend the note indenture to conform certain covenants and other provisions with those found in the indenture of new dollar-denominated notes DTEK will issue to finance the offer.

The total purchase price will be $1,062.50 for each $1,000 principal amount of notes tendered by the early deadline, which includes a $5.00 consent fee per $1,000 principal amount.

Those who tender after the early deadline will receive $1,012.50 per $1,000 principal amount.

The offer will continue to run until 11:59 p.m. ET on April 9.

The tender offer is conditioned on completion of a new issue. Ukraine's DTEK is planning an issue of new dollar-denominated notes as part of the tender offer, as reported by Prospect News on March 13.

The offer is meant to refinance and proactively manage DTEK's debt, the company said in a previous press release.

Deutsche Bank AG, London Branch (44 207 545 8011 or liability.management@db.com) and J.P. Morgan Securities plc (44 20 7134 2468/3414 or emea_lm@jpmorgan.com) are the dealer managers.

D.F. King & Co., Inc. is the tender agent (44 20 7920 9700, 212 269-5550; dtek@dfking.com).

Questions may also be directed to Alyona Semykina at 38 (044) 581 45 22 or SemykinaAG@dtek.com.

DTEK is an energy holding company based in Donetsk, Ukraine, and owned by SCM Holdings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.