ACWA Power unit seeks to purchase $400 mln cash bonds to reduce debt obligations

08/11/2022 Argaam


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.

 

Details

Offer type

Partial purchase of issued bond

Maximum tender amount

Up to $400 mln in pre-amortization aggregate principal amount of the bonds

Number of bonds

Number and percentage of purchased bonds will be determined once the transaction is complete

Issue date

May 15, 2017

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

Date of depositing amounts to bond holders

Expected to be Nov. 25, 2022 (early settlement date) and Dec. 9, 2022 (final settlement date)

Issuer

ACWA Power Management and Investments One Ltd

Information and tender agent

Citibank, N.A., London Branch

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