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Teollisuuden gets tenders for 306.55 million 4 5/8% notes due 2019
By Susanna Moon
Chicago, May 4 Teollisuuden Voima Oyj said investors had tendered 306,548,000 of its 500 million of 4 5/8% notes due Feb. 4, 2019 in the offer that ended at 11 a.m. ET on May 3.
Teollisuuden will accept for purchase all of the tendered notes on May 8, if it meets the financing condition, according to a company notice.
As announced April 25, pricing for the offer was based on a fixed purchase yield of negative 0.2% for a purchase price of 1,036.03 per 1,000 principal amount, or 103.603% of par, assuming a settlement date of May 8.
Holders also will receive accrued interest to but excluding the settlement date.
The offer is conditional on the issuer closing its issue of new euro-denominated notes under its 4 billion euro medium-term note program, the previous release noted.
The issuer said it may give preference in the allocation of the new issue to holders who tender in the offer and also subscribe for new notes; however, it is not obliged to do so.
The offer is being made as part of the issuer's commitment to active management of its balance sheet, the previous release noted. The purpose of the offer is to proactively manage the issuer's upcoming redemptions and to lengthen and diversify its debt maturity profile.
Danske Bank A/S (+45 45 14 32 70 or liabilitymanagement@danskebank.dk) and Royal Bank of Scotland plc (+44 20 7678 5282 or liabilitymanagement@natwestmarkets.com), trading as NatWest Markets, are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or tvo@lucid-is.com) is the tender agent.
Teollisuuden is an electricity company based in Eurajoki, Finland.
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