ACWA Power subsidiary offers cash purchase offer for bonds worth US$400 mln to reduce obligations

ACWA Power Co. announced on Tuesday that ACWA Power Management and Investments One Limited (“APMIOne”, a wholly-owned subsidiary of ACWA Power Co.), on the Irish Stock Exchange plc trading as Euronext Dublin, an offer to purchase for cash bonds up to US$400,000,000 pre-amortization aggregate principal amount of its US$814,000,000 pre-amortization aggregate principal amount (the “Pre-Amortization Amount”) (equivalent to US$812,372,000 post-amortization aggregate principal amount (the “Outstanding Amount”)) of senior secured bonds due 2039 issued in 2017 (the “Bonds” and the “Tender Offer”).
The principal purpose of the tender offer is to reduce debt service obligations through the early repayment and cancelation of the bonds that are accepted for purchase pursuant to the tender offer.
APMIOne will fund the Tender Offer with existing cash resources of APMIOne and ACWA Power Co. and certain of its subsidiaries and affiliates.
The Tender Offer is being made on the terms and subject to the conditions contained in the offer to purchase memorandum dated November 7, 2022 (the “Offer to Purchase Memorandum”) prepared by APMIOne, including certain proration procedures and are subject to the offer restrictions described in the Offer to Purchase Memorandum.
Offer type: Partial purchase of issued bond
Maximum Tender Amount: Up to US$400,000,000 in pre-amortization aggregate principal amount of the Bonds.
Number and percentage of the purchased bonds will be determined once the transaction is complete.
Bond issue date: May 15, 2017
Bond Par value at time of buy-back: Original issuance par value of the minimum denomination size US$200,000 pre-amortization
US$199,600 post-amortization
Date of depositing amounts to bond holders:
Expected to be November 25, 2022 (Early Settlement Date) and December 9, 2022 (Final Settlement Date)