By KYIV. Dec 5 (Interfax-Ukraine) – Ornex Limited (Cyprus) from SCM Group has extended the deadline for accepting applications for the redemption of DTEK Renewables eurobonds maturing in 2024 until December 9 inclusive, according to a statement on the Irish Stock Exchange.
According to it, the rest of the tender terms remain the same: for a total amount of up to EUR 20 million, the maximum buyout price is 30% of the face value.
In accordance with the updated proposal, the announcement of the results is planned on December 13, and the transactions – on December 16.
The price that the bidder of Ornex Limited will pay for the bonds will be determined by the results of the Dutch auction.
"The purpose of the offer is to provide the company [DTEK Renewables] with the opportunity to optimize its capital structure by reducing its debt," the original tender announcement stated.
According to the Frankfurt Stock Exchange, DTEK Renewables eurobonds issued for EUR 325 million with a coupon rate of 8.5% are currently quoted at the rate: buy 18.62% of the face value, sell 34.61%, last deal 18.01%.
Ornex Limited, part of SCM Group, DTEK’s parent company, acquired on the exchange in 2017 several state-owned stakes in power generation and power supply companies owned by DTEK. In the tender offer, the email address of IR DTEK is indicated as the coordinates for communication with Ornex Limited.
