DTEK Holdings to buy back $50 mln DTEK Energy 2027 notes at 60.7%
MOSCOW. Oct 12 (Interfax) - DTEK Holdings Limited will buy back $50 million of DTEK Energy B.V. 7.0/7.5% Senior Secured PIK Toggle Notes due 2027, the most it could have repurchased per the original tender offer of September 12.
"The offeror has determined that tenders representing notes in the aggregate principal amount of $82,347,384 will be accepted for purchase. The sum of all purchase price payments equals $50 million," Ukrainian media reported, quoting a company filing with the London Stock Exchange.
The buyback price is 60.7%.
The settlement date is on or around October 30.
Following settlement, the aggregate principal amount of notes outstanding will be $1,496,874,012, of which $353,577,019.35 will be held by the Group.
The company said it had also obtained the consent of holders to relax a number of covenants for these securities.
DTEK Holdings Limited has extended the deadline for accepting applications for the Dutch auction to redeem the $50 million DTEK Energy notes as well as consent of holders to soften a number of conditions for these securities.
On September 25, following negotiations with a group of Eurobond holders, DTEK Energy increased remuneration from 0.75% to 1% for their agreement to soften a number of conditions on these securities and pledged not to reduce the stated redemption amount of $50 million, providing an opportunity for bondholders to withdraw their consent if their tender proposals are not accepted.
The initial deadline for accepting applications was set at the evening of September 26, and DTEK Holdings reserved the right to change the maximum buyback amount.
The previous DTEK announcement of a similar tender was in March 2023, initially for an amount of up to $30 million, but it then increased to $80 million. As a result, Eurobonds were purchased for the entire amount with a total par value of $181 million at a price of about 41.33% of the par value.
The company repurchased Eurobonds last December for $19.8 million from a stated maximum volume of $50 million with a maximum repurchase price of 27% of par value.