Stedin accepts all €61.16 million tendered perpetuals, calls remainder

By Marisa Wong

Los Angeles, Dec. 16 – Stedin Holding NV announced it will accept all €61.16 million of tendered perpetual fixed-rate reset securities (ISIN: XS1141810991) under its Nov. 24 tender offer that expired at 4 a.m. ET on Dec. 14.

Stedin was offering to purchase any and all of the €89,531,000 outstanding perpetual securities.

The company offered to buy the notes at par plus an early tender premium, calculated with a 285 basis points spread over the benchmark rate, for holders who tendered their notes before 11 a.m. ET on Dec. 6.

The early tender premium is €27.18 for a total consideration of €1,027.18 per note. Pricing was determined at 5 a.m. ET on Nov. 29.

Interest will also be paid to the settlement date, expected to be Dec. 21.

As previously reported, with the offer, Stedin solicited consents to allow the issuer to redeem all of the notes outstanding after the consent solicitation at the early redemption price by giving at least five days’ notice.

The extraordinary resolution was passed at the meeting held at 4 a.m. ET on Dec. 16, satisfying the condition to the tender offer, according to Thursday’s announcement.

As a result, an early redemption of all of the remaining notes is scheduled for Dec. 23.

ING Bank NV (+44 20 7767 6784, liability.management@ing.com) is the dealer manager.

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, stedin@lucid-is.com).

Stedin Holding is an electricity and gas grid manager based in the Netherlands.

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