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HELSINKI - Finnish electricity distribution company Elenia Verkko Oyj announced Wednesday it expects to accept approximately €250 million in aggregate nominal amount of its outstanding bonds in a tender offer, representing about 71.8% of the bonds tendered by investors.
The company received valid tender instructions for €348.47 million of its €500 million 0.375% secured bonds due February 6, 2027, according to a press release statement. Due to the high participation rate, Elenia will apply a pro rata scaling factor of 71.80% to the tendered bonds.
The tender offer, which was announced on September 29, expired at 4:00 p.m. London time on October 7. The company plans to determine the purchase yield and price around 11:00 a.m. London time on Wednesday.
Settlement of the transaction is expected to occur on October 10, subject to satisfaction or waiver of the new financing condition specified in the tender offer memorandum. Bonds repurchased through the offer will be immediately canceled and will not be reissued or resold.
The tender offer is part of Elenia’s liability management strategy. Bonds not successfully tendered will remain outstanding.
BNP Paribas and SMBC Bank EU AG are serving as dealer managers for the transaction, with Kroll Issuer Services Limited acting as the tender agent.
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