NextEra unit tenders for Genesis Solar’s 3 7/8%, 5 1/8% certificates

By Wendy Van Sickle

Columbus, Ohio, Sept. 16 – NextEra Energy Partners, LP announced that indirect wholly owned subsidiary Genesis Purchaser, LLC has begun a cash tender offer for all of Genesis Solar Pass-Through Trust’s outstanding 3 7/8% series A trust certificates due 2038 and 5 1/8% series B trust certificates due 2038.

Genesis purchaser is offering $1,100 per $1,000 principal amount of the $321,632,000 of series A certificates and par for the $80,408,000 of series B trust certificates.

Genesis Purchaser owns about 48% of the outstanding series B certificates, which were purchased on Sept. 13 at the same price as the total consideration to be paid in this offer. The offeror will not tender these series B certificates into the offer.

The total consideration will include an early tender payment of $30 per $1,000 principal amount of notes tendered by the early tender time, 5 p.m. ET on Sept. 27.

The offer expires at midnight ET at the end of the day on Oct. 11, according to a Monday press release.

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 Oct. 17.

Goldman Sachs & Co. LLC (800 828-3182 or 212 902-6941) is dealer manager for the offer. D.F. King & Co., Inc. (800 859-8511 or genesis@dfking.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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