Teollisuuden Voima tenders for €500 million 2 5/8% notes due 2023

By Marisa Wong

Los Angeles, June 16 – Teollisuuden Voima Oyj is inviting holders of its outstanding €500 million 2 5/8% notes due Jan. 13, 2023 (ISIN: XS1514470316) to tender any and all of their notes for purchase for cash, according to a notice.

The purchase price will be based on a purchase yield of negative 0.05%.

The offer began on June 14 and expires at noon ET on June 21.

Results will be announced on June 22.

Settlement is slated for June 24.

The tender offer is subject to new financing. Teollisuuden Voima plans to issue €600 million of new 1 3/8% seven-year notes to finance the tender offer.

In allocation of its new notes, the company may give preference to noteholders who participate in the tender offer.

The issuer said the purpose of the tender offer is to provide liquidity to noteholders and is being made as part of its active management of its balance sheet.

Danske Bank A/S (+45 33 64 88 51, attn.: debt capital markets, liabilitymanagement@danskebank.dk) and Skandinaviska Enskilda Banken AB (+46 8 506 231 89, attn.: liability management, liabilitymanagementdcm@seb.se) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Arlind Bytyqi, tvo@lucid-is.com) is the tender agent.

The nuclear power company is based in Eurajoki, Finland.

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