New World Resources starts Dutch auction tender offer for 7 3/8% notes

By Angela McDaniels

Tacoma, Wash., Sept. 22 - New World Resources NV has begun a modified Dutch auction tender offer for a portion of its €300 million 7 3/8% senior notes due 2015, according to a company news release.

The maximum principal amount of notes to be purchased in the offer is to be determined and will be no more than €45 million.

Holders who tender should specify a purchase price of €900 to €940 per €1,000 principal amount of notes.

The offer will end at 11 a.m. ET on Sept. 30, and the settlement date will be Oct. 5.

All notes tendered and accepted for purchase will be canceled.

The tender offer is not being made in the United States or Italy.

The dealer managers are Citigroup Global Markets Ltd. (+44 0 20 7986 8969) and J.P. Morgan Securities Ltd. (+44 0 20 7777 1164). The tender agent is Citibank, NA, London Branch (+44 0 20 7508 3867).

New World Resources is an Amsterdam-based holding company. Its activities include coal mining and coke production in the Czech Republic.

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