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Cadent sets tender cap for 2024 fixed-rate instruments at €500 million
By Marisa Wong
Los Angeles, June 29 – Cadent Finance plc (formerly National Grid Gas Finance plc) set the maximum acceptance amount at €500 million under the cash tender offer for its outstanding €750 million fixed-rate instruments due 2024 (ISIN: XS1493320656) guaranteed by parent Cadent Gas Ltd. (formerly National Grid Gas Distribution Ltd.), according to a Thursday press release.
Cadent Finance launched the invitation on June 26, proposing to accept up to a maximum amount of the 2024 instruments equal to the amount of new instruments to be issued under a concurrent offering.
The purchase price under the tender offer will be based on the interpolated mid-swap rate and a purchase spread of negative 15 basis points.
The company will also pay accrued interest.
Tenders may be subject to proration.
The offer expires at 11 a.m. ET on July 4.
Indicative results will be announced prior to the pricing time, which will be at or around 7 a.m. ET on July 5. Final results and pricing will be announced soon after that.
Settlement is slated for July 7.
The tender offer is conditioned on completion of the new issue.
The tender offer and the issuance of new instruments are being made to proactively manage the company’s debt profile, according to a previous notice.
Holders who participate in the tender offer may be given priority in allocation of the new notes.
The dealer managers are Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com); BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com); Credit Agricole CIB (+44 20 7214 5733; liability.management@ca-cib.com); Mizuho International plc (+44 20 7090 6134; liabilitymanagement@uk.mizuho-sc.com); SMBC Nikko Capital Markets Ltd. (+44 204 507 5043; liability.management@smbcnikko-cm.com).
The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; cadent@is.kroll.com; https://deals.is.kroll.com/cadent).
Cadent Gas is a U.K.-based regional gas distribution company.
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