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Published on 1/23/2024 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

ENN Clean Energy updates, prices tender for 3 3/8% notes due 2026

By William Gullotti

Buffalo, N.Y., Jan. 23 – ENN Clean Energy International Investment Ltd. announced the early tender results and total consideration for its capped tender offer for its $770 million outstanding of 3 3/8% guaranteed senior notes due May 12, 2026 (Cusips: 268733AA0, G3065HAB7), according to a Tuesday announcement.

As previously reported, the company commenced the offer on Jan. 8 to buy up to $120 million principal amount of the notes via a modified Dutch auction. Based on a $1,000 note, the minimum and maximum bid prices were $940 and $948, respectively, and included a $10 early tender premium per note.

Under the initial offer, the amount paid after the early deadline would not include the $10 early tender premium.

As of the early participation deadline at 5 p.m. ET on Jan. 22, which was also the withdrawal deadline, a total of $80,432,000 of the notes, representing 10.45% of the outstanding principal, were validly tendered and not withdrawn.

All of the tendered notes were accepted for purchase, and the company will pay a total consideration of $948 per note. Accrued and unpaid interest will also be paid.

Early settlement is expected to take place Jan. 25, and the repurchased notes will be subsequently retired and canceled.

The company also announced that the tender offer consideration for notes tendered after the early deadline, but prior to the expiration of the offer, will receive the full consideration of $948 per note. Likewise, accrued and unpaid interest will also be paid.

The offer expires at 5 p.m. ET on Feb. 6.

Final settlement is expected to occur three business days after the offer expires.

As previously reported, of the $770 million outstanding, $157,054,000 of the notes have been previously repurchased in open-market transactions. Of that, $30 million has been canceled, and the company plans to cancel the remaining $127,054,000 of the notes after the tender offer is completed. The initial issue size was $800 million when the notes were issued May 12, 2021.

Tenders may be subject to proration.

The purpose of the offer is to reduce the group’s outstanding non-functional currency-denominated debts, to reduce foreign exchange risk and to optimize the group’s capital structure.

Financing for the offer will come from cash on hand.

Citigroup Global Markets Ltd. is the dealer manager (+44 20 7986 1842, ProjectOrchid.AP.2024@citi.com).

Kroll Issuer Services Ltd. is the information and tender agent (+852 2281 0114, +44 20 7704 0880, ennng@is.kroll.com).

The notes are unconditionally and irrevocably guaranteed by ENN Natural Gas Co., Ltd.

ENN is a Langfang, China-based company engaged in the clean energy industry.


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