Norway’s Statkraft tenders for €500 million of 6.625% notes due 2019

By Susanna Moon

Chicago, March 20 – Statkraft AS said it is tendering for its €500 million of 6.625% notes due April 2, 2019 until 11 a.m. ET on March 26.

The purchase price will be 107.096% of par using a purchase yield of negative 0.35% and a settlement date of March 28.

Holders also will receive accrued interest.

The issuer is offering to purchase the notes “to proactively optimize [its] cost of debt and balance sheet structure,” according to an announcement.

Tender instructions must be given for a minimum principal amount of notes of at least €50,000 and in integrals of €1,000 after that.

Settlement is expected to occur on March 28.

The dealer managers are BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and Societe Generale (+33 142 12 32 40 or liability.management@sgcib.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or statkraft@lucid-is.com).

Oslo-based Statkraft is a hydropower, wind power and gas-fired power company.

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