TIDM96DV
RNS Number : 6934W
Vattenfall AB
16 November 2017
LEI: 549300T5RZ1HA5HZ3109
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR
INDIRECTLY TO ANY US PERSON (AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (AS DEFINED BELOW)) OR IN OR INTO THE UNITED STATES,
ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE US
VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN
MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF
COLUMBIA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE,
PUBLISH OR DISTRIBUTE THE TENDER OFFER MEMORANDUM.
16 November 2017
VATTENFALL AB (publ) ANNOUNCES INDICATIVE RESULTS OF TENDER
OFFER
Vattenfall AB (publ) (the "Company") announces today the
indicative results of its invitation to Qualifying Holders of its
outstanding GBP1,000,000,000 6.875 per cent. Notes due 2039 (ISIN:
XS0422688019) (the "Notes") to submit offers to sell Notes held by
such holders to the Company for cash (the "Tender Offer").
The Tender Offer was announced on 8 November 2017 and on the
terms and subject to the conditions contained in the Tender Offer
Memorandum dated 8 November 2017 (the "Tender Offer Memorandum").
Capitalised terms used but not otherwise defined in this
announcement shall have the meaning given to them in the Tender
Offer Memorandum.
The Expiration Time for the Tender Offer was 4.00 p.m. (London
time) on 15 November 2017.
ANNOUNCEMENT OF EXPECTED FINAL ACCEPTANCE AMOUNT, EXPECTED
PURCHASE SPREAD AND INDICATIVE SCALING FACTOR
Following the Expiration Time, the Company hereby announces
that:
(a) the aggregate nominal amount of Notes validly Offered for Sale under the Tender Offer was GBP391,802,000;
(b) it currently expects to set the Final Acceptance Amount at
the aggregate nominal amount set out in the table below;
on the basis of the expected Final Acceptance Amount, it intends
to accept for purchase all Notes validly Offered for Sale under the
Tender Offer pursuant to Non-Competitive Electronic Instructions on
a pro-rata basis in accordance with the indicative Scaling Factor
set out in the table below. Accordingly, the Company does not
intend to accept for purchase any Notes which were Offered for
pursuant to Competitive Electronic Instructions; and
(c) it intends to set the Purchase Spread and Scaling Factor at
the levels set out in the table below.
Description of ISIN Outstanding Benchmark Security Maximum Expected Expected Final Indicative
the Notes Nominal Amount Purchase Purchase Acceptance Scaling
Spread Spread Amount Factor
------------------ -------------- ------------------ ---------------------- ---------- ---------- ---------------- -----------
GBP1,000,000,000 UKT 4.25 per cent.
6.875 per cent. due 2039 (ISIN:
Notes due 2039 XS0422688019 GBP1,000,000,000 GB00B3KJDS62) 105 bps 105 bps GBP250,000,000 0.84489
------------------ -------------- ------------------ ---------------------- ---------- ---------- ---------------- -----------
Holders should note that this is a non-binding indication of the
level at which the Company expects to set the Final Acceptance
Amount, Purchase Spread and Scaling Factor.
PRICING AND RESULTS
Pricing will take place at or around 2.00 p.m. (London time)
today (the "Pricing Time").
As soon as reasonably practicable after the Pricing Time, the
Company will announce its decision of whether to accept any Notes
for purchase pursuant to the Tender Offer and, if so accepted, the
Final Acceptance Amount, the Purchase Spread, the Purchase Yield,
the Purchase Price, the Accrued Interest Amount and any Scaling
Factor.
Notes purchased by the Company pursuant to the Tender Offer will
be cancelled by the Company. Notes which have not been validly
submitted and accepted for purchase pursuant to the Tender Offer
will remain outstanding.
The Settlement Date for the Tender Offer is expected to be 21
November 2017, subject to the right of the Company to amend or vary
the terms of (including the timetable for) the Tender Offer.
Any requests for information in relation to the Tender Offer
should be directed to the Dealer Manager whose contact details are
listed below.
DEALER MANAGER
Barclays Bank PLC
5 The North Colonnade
Canary Wharf
London E14 4BB
Tel: +44 (0) 20 3134
8515
Attn: Liability Management
Group
Email: eu.lm@barclays.com
THE TENDER AND INFORMATION AGENT
Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London WC1H 8HA
United Kingdom
Tel: +44 (0) 20 7704 0880
Attn: Victor Parzyjagla
Email: vattenfall@lucid-is.com
THIS ANNOUNCEMENT IS RELEASED BY VATTENFALL AB (publ) AND
CONTAINS INSIDE INFORMATION IN RELATION TO THE NOTES WHICH IS
DISCLOSED IN ACCORDANCE WITH THE MARKET ABUSE REGULATION. FOR
FURTHER INFORMATION, PLEASE CONTACT JOHAN SAHLQVIST, HEAD OF
INVESTOR RELATIONS, VATTENFALL AB (publ).
OFFER RESTRICTIONS
This announcement must be read in conjunction with the Tender
Offer Memorandum. This announcement and the Tender Offer Memorandum
contain important information which should be read carefully before
any decision is made with respect to the Tender Offer. If any
Qualifying Holder is in any doubt as to the action it should take,
it is recommended to seek its own financial advice, including as to
any tax consequences, from a stockbroker, bank manager, solicitor,
tax advisor, accountant or other appropriately authorised
independent financial adviser. None of the Dealer Manager, the
Tender and Information Agent or any of their respective directors,
employees, officers, agents or affiliates makes any representation
or recommendation whatsoever regarding this announcement or the
Tender Offer Memorandum, or takes any responsibility for the
contents of this announcement or the Tender Offer Memorandum.
Nothing in this announcement or the Tender Offer Memorandum or
the electronic transmission thereof constitutes an invitation to
participate in the Tender Offer in or from any jurisdiction in or
from which, or to or from any person to or from whom, it is
unlawful to make such invitation under applicable securities laws.
The distribution of this announcement and the Tender Offer
Memorandum in certain jurisdictions may be restricted by law.
Persons into whose possession this announcement and/or the Tender
Offer Memorandum comes are required by each of the Company, the
Dealer Manager and the Tender and Information Agent to inform
themselves about, and to observe, any such restrictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TENFFSSUMFWSESF
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November 16, 2017 04:09 ET (09:09 GMT)
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