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Deutsche Bank prices, wraps tender for Eesti Energia 4¼%, 4½% notes
By Susanna Moon
Chicago, Sept. 10 – Deutsche Bank AG, London Branch said investors had tendered €248,041,000 of the €400 million of 4¼% notes due 2018 and €193,662,000 of the €300 million of 4½% notes due 2020 issued by Eesti Energia AS.
The tender offer ended at 11 a.m. ET on Sept. 9. The offer began Sept. 1.
The purchase price was set at 111.394% of par for the 4¼% notes and 118.607% of par for the 4½% notes, according to a company press release.
Pricing was set at 9 a.m. ET on Sept. 10 using a spread of 30 basis points over mid-swaps for the 4¼% notes and 40 bps over mid-swaps for the 4½% notes.
The mid-swaps rate was 0.155% for the 4¼% notes and 0.403% for the 4½% notes. The purchase yield was 0.455% for the 4¼% notes and 0.803% for the 4½% notes.
The purchase prices were calculated as the value of all remaining principal and interest payments discounted using the purchase yield, minus accrued interest. Holders who tender will also receive accrued interest.
Eesti Energia is offering new notes, and holders who tender will receive priority in allocation of the new notes. The new notes were expected to price on Sept. 10.
Settlement for the tender is scheduled for Sept. 21.
Eesti Energia is carrying out the note issue and tender offer in order to “proactively manage upcoming debt redemptions” and to extend its average debt maturities, according to a previous press release.
Part of the consideration for the new notes will be in the form of notes submitted in the tender offer.
Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com), Deutsche Bank AG, London Branch (+44 20 7545 8011 or liability.management@db.com) and Nordea Bank Danmark A/S (+45 33 33 16 75 or NordeaLiabilityManagement@nordea.com) are dealer managers. Citibank, NA (+44 20 7508 3867 or exchange.gats@citi.com) is tender agent.
Eesti Energia is an electric utility based in Tallinn, Estonia.
© 2015 Prospect News.
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