25th Jul 2018 18:33
LONDON (Alliance News) - ContourGlobal PLC said Wednesday that ContourGlobal Power Holdings SA's tender offer expired on Tuesday.
As of the expiration time EUR383.7 million worth of notes were tendered. The tender offer is expected to occur this Thursday.
ContourGlobal Power, which is a wholly owned subsidiary of ContourGlobal, has also agreed to redeem any outstanding notes following the completion of the tender offer at a price equalling EUR1,025.63 per share plus interest.
On July 17 the subsidiary announced its intention to raise EUR700 million through the issue of secured notes due 2023 and senior secured notes due 2025 and to use the proceeds to refinance its senior secured debts due 2021.
ContourGlobal Power commenced its cash tender offer for the outstanding 5.125% senior secured notes due 2021 on that date.
Shares in ContourGlobal closed down 3.2% at 240.00 pence on Wednesday.
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