NextEra unit launches tender for Genesis Solar’s 5.6% notes due 2038

By Marisa Wong

Morgantown, W.Va., June 17 – NextEra Energy Partners, LP announced that indirect wholly owned subsidiary Genesis Purchaser, LLC has begun a cash tender offer for all of Genesis Solar Funding, LLC’s $240,431,146.55 outstanding 5.6% senior secured notes due 2038.

The offer expires one minute after 11:59 p.m. ET on July 15, according to a Monday press release.

The total consideration will depend on the aggregate amount of notes tendered at or prior to 5 p.m. ET on June 28, the early tender time.

Specifically, the total consideration per $1,000 principal amount will be $930 if less than $155 million principal amount is tendered by the early tender time; $950 if at least $155 million but less than $190 million is tendered; $970 if at least $190 million but less than $240,431,146.55 is tendered; and $1,000 if the entire $240,431,146.55 is tendered.

The total consideration will include an early tender payment of $30 per $1,000 principal amount of notes tendered by the early tender time.

Holders tendering after the early tender time will only be eligible to receive the tender offer consideration, which is the total consideration less the early tender payment.

Holders will receive in either case accrued interest.

The settlement date is expected to be July 18.

Goldman Sachs & Co. LLC (800 828-3182 or 212 902-6941) is dealer manager for the offer. U.S. Bank NA (800 934-2280 or cts.specfinance@usbank.com) is the tender agent.

Genesis Solar is the indirect parent of the owner and operator of a 250-megawatt solar thermal generation facility in Riverside County, Calif.

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