Cadent accepts €302.84 million tendered 2024 fixed-rate instruments

By Marisa Wong

Los Angeles, July 5 – Cadent Finance plc (formerly National Grid Gas Finance plc) announced the final results of its 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.).

As of 11 a.m. ET on July 4, the expiration of the offer, holders had tendered €302,844,000 of the instruments, according to a Wednesday press release.

The issuer has decided to set the final acceptance amount at €302,844,000, accepting all of the tendered instruments without proration.

The purchase price is 96.22, based on the interpolated mid-swap rate and a purchase spread of negative 15 basis points. Pricing was determined at 7 a.m. ET on July 5.

The company will also pay accrued interest.

Settlement is slated for July 7.

After settlement, €447,156,000 nominal amount of the instruments will remain outstanding.

The company had 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 company set the maximum acceptance amount at €500 million on June 29, as previously reported.

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 for the tender offer 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 20 4507 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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