ACWA Power Co.’s fully owned subsidiary, ACWA Power Management and Investments One Limited (APMIOne), announced on the Irish Stock Exchange (Euronext Dublin) an offer to purchase cash bonds up to $400 million.
In a statement to Tadawul, ACWA Power said the pre-amortization aggregate principal amount of $814 million and the total basic value before amortization (equivalent to $812.37 million after amortization) of the senior secured bonds due 2039 issued in 2017.
The main purpose of the offer is to reduce APMIOne’s debt service obligations through the early repayment and cancelation of the bonds that are accepted for purchase pursuant to the tender offer.
The offer will be funded via the existing cash resources of APMIOne and ACWA Power, and certain subsidiaries and affiliates.
The offer is in accordance with the terms and will be subject to the conditions and restrictions outlined in the purchase offer memorandum dated Nov. 7, 2022, prepared by APMIOne.
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Details |
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Offer type |
Partial purchase of issued bond |
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Maximum tender amount |
Up to $400 mln in pre-amortization aggregate principal amount of the bonds |
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Number of bonds |
Number and percentage of purchased bonds will be determined once the transaction is complete |
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Issue date |
May 15, 2017 |
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Bond par value at time of buy-back |
Original issuance par value of the minimum denomination size $200,000 pre-amortization, $199,600 post-amortization |
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Date of depositing amounts to bond holders |
Expected to be Nov. 25, 2022 (early settlement date) and Dec. 9, 2022 (final settlement date) |
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Issuer |
ACWA Power Management and Investments One Ltd |
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Information and tender agent |
Citibank, N.A., London Branch |
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