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Veolia gets tenders for $153.07 million of 6% notes due 2018
By Toni Weeks
San Diego, Dec. 12 - Veolia Environnement SA announced it received tenders for $153,065,000, or 21.9%, of its $700 million of outstanding 6% dollar-denominated senior notes due 2018 by 5 p.m. ET on Dec. 11, the early participation date.
The company began a tender offer for up to $200 million of the notes on Nov. 28. Pricing was determined via 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%. As previously noted, the acceptable bid spread range was 165 basis points to 215 bps.
Those who tendered prior to 5 p.m. ET on Dec. 11 will receive a $30.00 early participation amount per $1,000 principal amount of notes. Notes may no longer be withdrawn.
Veolia will also pay accrued interest.
The offer will end at 11:59 p.m. ET on Dec. 26. Settlement is earmarked for Dec. 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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