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NextEra unit gets $170.9 million early tenders of Genesis Solar notes
By Wendy Van Sickle
Columbus, Ohio, July 1 – NextEra Energy Partners, LP wholly owned subsidiary Genesis Purchaser, LLC took in early tenders of $170,877,850.56 of notes in a cash tender offer for all of Genesis Solar Funding, LLC’s $240,431,146.55 of outstanding 5.6% senior secured notes due 2038.
The total includes $55,814,373.31 of notes tendered by a single holder, according to a Monday press release.
The early deadline was 5 p.m. ET on June 28.
The early total is sufficient to meet the minimum tender condition, the company reported.
In light of the amount of early tenders, the total consideration per $1,000 principal amount will be $950.
The total consideration includes 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.
As announced when the offer opened on June 17, the total consideration per $1,000 principal amount was to be $930 if less than $155 million principal amount were tendered by the early tender time; $950 if at least $155 million but less than $190 million were tendered; $970 if at least $190 million but less than $240,431,146.55 were tendered; and $1,000 if the entire $240,431,146.55 were tendered.
The offer expires one minute after 11:59 p.m. ET on July 15.
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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