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Name | Symbol | Market | Type |
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Citi Fun 24 | LSE:BC95 | London | Medium Term Loan |
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RNS Number:3530W Powergen UK PLC 10 March 2004 Powergen Luxembourg Holdings Sarl launches bond purchase solicitation Powergen Luxembourg Holdings Sarl (PLHS), Luxemburg, indirectly 100% owned by E.ON AG, Dusseldorf, announced today that it is offering to purchase for cash any and all of the outstanding debt securities set out in the table below, which were issued by its wholly-owned subsidiaries in the Powergen and Midlands Electricity groups. The cash tender offer will be made by wayof a solicitation of offers to sell. PLHS is launching this offer to purchase lower-rated, subsidiary debt as part of E.ON's financing policy to act as the main borrower for the whole group. The transaction demonstrates E.ON's continued commitment towards the efficient use of funding sources and active balance sheet management. E.ON intends to concentrate more of its debt at the parent company level, through this solicitation, in line with its financing policy, whilst simultaneously allowing it to achieve savings in its cost of finance. The solicitation also provides bondholders with the opportunity to crystallise gains that have materialised as the trading spreads on the specified bonds have converged towards those on bonds issued by the parent company. The tender period begins on March 10 and ends on March 18 for the GBP and EUR bonds and on March 19 for the USD bond. The tender is to be done via the relevant clearing system: Issuer Bonds Reference Fixed Tender Illustrative Government Security Spread Price* Powergen (East Midlands) US$409.5 million UST 4.375% +59bps 114.666 Investments 7.450% due 15 May, May 15, 2007 2007 Powergen UK plc EUR500 million DBR 4.5% +35bps 107.132 5.000% due 8 July, 4 July, 2009 2009** Powergen UK plc GBP250 million UKT 7.50% +38bps 107.744 8.500% due 3 July, 7 December, 2006 2006** Midlands Electricity plc GBP150 million UKT 7.25% +46bps 107.752 7.375% due 14 November, 2007** 7 December, 2007 Powergen UK plc GBP250 million UKT 8.00% +77bps 110.079 6.250% due 29 April, 7 June, 2021 2024** *Based on adding the Fixed Tender Spread to the bid yield to maturity of the Reference Government Security quoted as of 9 March and converting to a price. ** The solicitation of offers to sell with respect to these bonds is not being made in the United States of America as more fully explained below. The solicitation of offers to sell with respect to any of the bonds is not being made in the Republic of Italy as more fully explained below. Deutsche Bank, HSBC and JP Morgan are acting as Dealer Managers in this transaction. For further details, please contact the Dealer Managers at the details shown below. Dealer Managers: Deutsche Bank AG London HSBC Bank plc J.P. Morgan Securities Ltd. Sandra Hughes Alexi Chan John Cavanagh/Paul Hawker Tel: +44 (0)20 7545 8011 Tel: +44 (0)20 7991 5890 Tel:+44 (0)20 7742 7506 Deutsche Bank Securities Inc HSBC Securities (USA) Inc. J.P. Morgan Securities Inc. Jenny Lie Jeff London Alykhan Lalani Tel: +1 866 627 0391 (US Toll Tel: +1 877 472 2008 (US Toll Tel: +1 866 834 4666 (US Toll Free) Free) Free) or or or +1 212 250 7445 +1212 525 7561 +1 212 834 4802 This press release does not constitute, or form part of, any solicitation of any offer or invitation to sell any securities in any jurisdiction nor shall it (or any part of it), or the fact of its distribution, form the basis of or be relied on in connection with any contract therefore. No indications of interest in the solicitation of offers to sell are sought by this press release. The solicitation of offers to sell are not being made to, and offers will not be accepted from or on behalf of, bondholders or intermediaries in any jurisdiction in which the making or acceptance thereof would not be in compliance with the applicable laws, rules and regulations of such jurisdiction. United States of America The solicitation of offers to sell with respect to the EUR500 million 5.000% bonds due 8 July, 2009, GBP250 million 8.500% bonds due 3 July, 2006 and GBP250 million 6.250% bonds due 29 April, 2024 is not being made and will not be made, directly or indirectly, in or into, or by use of the mail of, or by any means or instrumentality of interstate or foreign commerce of, or of any facilities of a national securities exchange of, the United States of America. This includes but is not limited to, facsimile transmission, electronic mail, telex, telephone and the internet. Accordingly, the solicitation of offers to sell with respect to such bonds cannot be acted on by any such use, means, instrumentality or facility from or within the United States of America, and copies of any documents or materials related to such solicitations of offers to sell are not being, and must not be, mailed or otherwise transmitted or distributed in or into the United States of America. Any purported offer in response to such solicitations of offers to sell resulting directly or indirectly from a violation of these restrictions will be invalid, and offers to sell made by a resident of the United States of America or any agent, fiduciary or other intermediary acting on a non-discretionary basis for a principal giving instructions from within the United States of America will not be accepted. Republic of Italy With respect to all of the bonds, the solicitations of offers to sell are not being made in the Republic of Italy and the solicitation memoranda in relation to the bonds have not been submitted to the clearance procedure of Commissione Nazionale Per Le Societa E La Borsa (CONSOB) pursuant to Italian laws and regulations and may not be used in the Republic of Italy in connection with the solicitations of offers to sell. Accordingly, noteholders are hereby notified that, to the extent such noteholders are Italian residents, the solicitations of offers tosell are not available to them and, as such, any offers to sell received from such persons shall be void and neither the solicitation memoranda nor any other material relating to the solicitations of offers to sell may be distributed or made available in the Republic of Italy. This information is provided by RNS The company news service from the London Stock Exchange END MSCURURRSRROAAR
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