DTEK announces results of tender offer for 7%/7½% PIK notes

Chicago, Dec. 14 – DTEK Holdings Ltd. and DTEK Energy BV, as successor issuer to DTEK Finance plc, announced the results of their Nov. 28 invitation to holders of the 7%/7½% senior secured PIK toggle notes due 2027 (ISIN: XS2342930521), originally issued by DTEK Finance, to tender any and all of their notes for purchase for cash.

As previously reported, the company was offering to purchase up to $50 million of the $1,516,874,012 of outstanding notes. The company had said it may choose to increase the maximum acceptance amount.

The tender offer was being conducted as an unmodified Dutch auction.

The minimum purchase price was $0 per $1,000 principal amount, and the maximum purchase price was $270 per $1,000 principal amount.

The highest accepted purchase price was $270, but noteholders will receive the amounts they specified.

Noteholders representing $80,035,658 principal amount tendered their notes.

The purchase price for those notes is $19,791,484.96.

The company was also conducting a consent solicitation that was previously deemed successful.

On Dec. 13, the company entered into the supplemental indenture with the trustee for the proposed amendments.

A waiver related to the failure by the parent guarantor to comply with certain reporting requirements. The amendments changed the definitions of asset sale and permitted investments, allow for some repurchased notes to be held by the issuer or its restricted subsidiaries in treasury, allow for the discount range repurchase offers to be made by the parent guarantor or any of its restricted subsidiaries and add Linklaters LLP to the list of eligible counsel in the indenture governing the notes.

Settlement is on or about Dec. 16.

After settlement there will be $1,516,874,012 of the notes outstanding, including $80,035,658 held by a guarantor.

The company was not offering any consent fee with respect to the consent solicitation.

GLAS Specialist Services Ltd. (+44 20 3597 2940; attn.: DCM Liability Management - DTEK tender and consent; lm@glas.agency) is the tender and tabulation agent.

DTEK is a Ukraine-based energy holding company. DTEK Energy BV is based in the Netherlands.

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