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GDF Suez tenders for up to £300 million 9% bonds issued by First Hydro
By Susanna Moon
Chicago, June 3 - GDF Suez CC scrl, an affiliate of GDF Suez SA, said it began a tender offer for between £100 million and £300 million of the £400 million 9% guaranteed secured bonds due 2021 issued by First Hydro Finance plc.
The offer is part of GDF Suez's ongoing active management and optimization of its capital structure, according to a company press release.
The company will pay at least 131% of par for the notes, with pricing to be set by a modified Dutch auction, the release noted.
Holders also will receive accrued interest up to but excluding the settlement date of June 12.
The company said it expects to use existing liquidity resources to finance the offer.
The offer will end at 11 a.m. ET on June 10.
The dealer managers are Barclays Bank plc (+44 20 7773 8990 or email eu.lm@barcap.com) and Lloyds TSB Bank plc (+44 20 7158 3981 or email liability.management@lloydsbanking.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Yves Theis, or email firsthydro@lucid-is.com).
GDF Suez is a multinational electric utility is based in Paris.
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