Veolia accepts $153.17 million of 6% notes due 2018 in tender offer

By Marisa Wong

Madison, Wis., Dec. 28 - Veolia Environnement SA announced on Thursday the final results of the cash tender offer for up to $200 million of its $700 million of outstanding 6% dollar-denominated senior notes due 2018.

As of 11:59 p.m. ET on Dec. 26, the expiration of the offer, holders had tendered a total of $153.17 million of the notes. Veolia accepted all of the tendered notes for purchase. Payment will be made on Dec. 28.

According to a prior press release, holders had tendered $153,065,000, or 21.9%, of the outstanding notes by 5 p.m. ET on Dec. 11, the early participation date. Those holders will receive the total consideration of $1,189.02 per $1,000 principal amount of notes.

Holders who tendered after the early participation date will receive the tender consideration of $1,159.02 per $1,000 of notes. The tender consideration is the total consideration less the $30.00 early participation amount.

Veolia will also pay accrued interest.

Pricing was determined through a modified Dutch auction using the 0.75% Treasury due Oct. 31, 2017. The yield corresponding to the bid-side price of the security at 2 p.m. ET on Dec. 11 was 0.626%. The clearing spread was 165 basis points.

The tender offer began on Nov. 28.

Deutsche Bank Securities Inc. is the dealer manager (855 287-1922, 212 250-7527 or 44 20754 58011). Global Bondholder Services Corp. is the information agent and depositary (866 873-5600 or 212 430-3774).

The environmental services provider is based in Paris.

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