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Wales & West gives final tender offer results for 4 5/8% bonds due 2023
Chicago, March 30 – Wales & West Utilities Ltd. announced the final results for its cash tender offer to purchase up to £100 million sub-class A3 £250 million 4 5/8% secured guaranteed bonds due Dec. 13, 2023 (ISIN: XS0702021311), according to a news release.
The company received tenders for £156.86 million of the notes, which will be accepted based on a scaling factor of 63.155%.
The notes will be repurchased at 111.47 plus interest of £14.45 per notes. The price was determined at 7 a.m. ET on March 30 using the 2.25% U.K. Treasury gilt due September 2023 plus 25 basis points.
After settlement, there will be £150 million of the notes outstanding.
The settlement date is expected to be April 6.
Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com), BNP Paribas (+33 15577 7894; liability.management@bnpparibas.com) and NatWest Markets plc (+44 20 7678 5222; liabilitymanagement@natwestmarkets.com) are the dealer managers.
Lucid Issuer Services Ltd. (+44 20 7704 0880; wwu@lucid-is.com) is the tender and information agent.
Wales & West distributes gas to industrial, commercial and domestic consumers in the United Kingdom. The company is based in Newport, Wales.
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