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Pepco holders tender $833.71 million senior notes by early deadline
By Devika Patel
Knoxville, Tenn., July 2 - Pepco Holdings, Inc. said holders tendered $640.06 million in 6.45% senior notes due 2012, $128.52 million in 6.125% senior notes due 2017 and $65.14 million in 7.45% senior notes due 2032 as part of the company's cash tender offer for up to $950 million of the senior notes.
The notes were tendered by the early deadline of 5 p.m. ET on July 1, entitling the investors to receive the early tender payment of $30.00 per $1,000 of notes.
As already noted, the offer is split into an any-and-all tender alongside a maximum tender, both of which will end at 11:59 p.m. ET on July 19.
The company is tendering for any and all of its $750 million of the 6.45% notes, for which it will pay $1,113.46 per $1,000 principal amount, including the $30.00 early tender payment.
The payout was determined using the 1.75% Treasury due Aug. 15, 2012 plus a fixed spread of 35 basis points. The reference yield was 0.674% and the tender yield was 1.024%.
Holders will receive accrued interest.
Pepco is also soliciting consents to amend the note indenture to reduce the redemption notice period to three days from a range of 30 to 60 days.
The company is also tendering for a maximum of $200 million of its $250 million of the 6.125% notes as well as its $250 million of the 7.45% notes.
The notes are listed in order of priority acceptance level.
For each $1,000 of these notes, Pepco will pay $1,125 for the 6.125% notes and $1,200 for the 7.45% notes, plus interest.
Global Bondholder Services Corp. is the depositary and information agent (212 430-3774 for banks and brokers or 866 470-4300). The dealer managers are Citi (800 558-3745 or collect at 212 723-6106), J.P. Morgan (866 834-4666 or collect at 212 834-4802) or Wells Fargo Securities (866 309-6316 or call collect 704 715-8341).
Pepco Holdings is a diversified energy company based in Washington, D.C.
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