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NextEra unit posts results of tender for Genesis Solar certificates
By Sarah Lizee
Olympia, Wash., Oct. 15 – NextEra Energy Partners, LP announced the final results of indirect wholly owned subsidiary Genesis Purchaser, LLC’s cash tender offer for all of Genesis Solar Pass-Through Trust’s outstanding 3 7/8% series A trust certificates due 2038 and 5 1/8% series B trust certificates due 2038.
Under the offer, Genesis Purchaser accepted for purchase $9,621,528 of the series A certificates and $8,897,050 of the series B certificates.
In addition, the offeror had previously purchased from two holders $38,752,188.75 aggregate principal amount of series B certificates in a private transaction.
As previously reported, Genesis Purchaser was offering $1,100 per $1,000 principal amount of the $321,632,000 of series A certificates and par for the $80,408,000 of series B trust certificates.
Genesis Purchaser owns about 48% of the outstanding series B certificates, which were purchased on Sept. 13 at the same price as the total consideration to be paid in the offer. The offeror did not tender those series B certificates into the offer.
The total consideration includes an early tender payment of $30 per $1,000 principal amount of notes tendered by the early tender time, 5 p.m. ET on Sept. 27.
The offer expired at midnight ET at the end of the day on Oct. 11.
Holders who tendered after the early tender time are only be eligible to receive the tender offer consideration, which is the total consideration less the early tender payment.
Holders will receive in either case accrued interest.
The settlement date is expected to be Oct. 17.
Goldman Sachs & Co. LLC (800 828-3182 or 212 902-6941) is dealer manager for the offer. D.F. King & Co., Inc. (800 859-8511 or genesis@dfking.com) is the tender agent.
Genesis Solar is the indirect parent of the owner and operator of a 250-megawatt solar thermal generation facility in Riverside County, Calif.
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