NiSource (NI) Announces Reference Yield and Total Consideration for its Cash Tender Offers
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NiSource Inc. (NYSE: NI) announced today the reference yield and total consideration for each series of notes subject to the previously announced cash tender offers of its finance subsidiary, NiSource Finance Corp.
NiSource Finance is offering to purchase any and all of its outstanding 10.75% Notes due 2016 and, if less than $250 million aggregate principal amount of 2016 Notes are validly tendered and accepted for purchase, an amount of its 6.15% Notes due 2013 equal to the difference between $250 million and the aggregate principal amount of 2016 Notes validly tendered and accepted for purchase. As previously announced, approximately $125 million aggregate principal amount of 2016 Notes and approximately $228 million aggregate principal amount of 2013 Notes were validly tendered and not validly withdrawn before 5:00 p.m., New York City time, on November 22, 2011 (the "Early Participation Date"), according to information provided by Global Bondholder Services Corporation, the depositary for the tender offers.
The reference yields for the offers were determined at 10:00 a.m., New York City time, today. The total consideration for each series of Notes is based on the applicable reference yield plus a fixed spread, as set forth in the table below, and includes an early tender premium of $30 per $1,000 principal amount. Holders also will receive accrued and unpaid interest on all tendered notes accepted for payment from the last interest payment date to, but not including, the applicable settlement date.
NiSource Finance has elected to exercise the early settlement option, described in the Offer to Purchase dated November 14, 2011, with respect to the tender offer for any and all 2016 Notes. Holders of 2016 Notes who validly tendered and did not validly withdraw their 2016 Notes on or prior to 5:00 p.m., New York City time, on the Early Participation Date are expected to receive payment for their 2016 Notes on November 28, 2011 (the "Early Settlement Date").
The offers are scheduled to expire at 11:59 p.m., New York City time, December 12, 2011, unless extended or earlier terminated. NiSource Finance previously extended the deadline by which holders who tender their Notes will be eligible to receive the early tender premium until 11:59 p.m., New York City time, December 12, 2011, unless further extended by NiSource Finance. However, withdrawal rights for Notes tendered in the tender offers were not extended and expired at 5:00 p.m. yesterday.
The terms and conditions of the offers, including the conditions of NiSource Finance's obligation to accept the notes tendered and to pay the total consideration plus accrued and unpaid interest, are set forth in the Offer to Purchase and the related Letter of Transmittal that were distributed to the holders of the Notes.
NiSource Finance is offering to purchase any and all of its outstanding 10.75% Notes due 2016 and, if less than $250 million aggregate principal amount of 2016 Notes are validly tendered and accepted for purchase, an amount of its 6.15% Notes due 2013 equal to the difference between $250 million and the aggregate principal amount of 2016 Notes validly tendered and accepted for purchase. As previously announced, approximately $125 million aggregate principal amount of 2016 Notes and approximately $228 million aggregate principal amount of 2013 Notes were validly tendered and not validly withdrawn before 5:00 p.m., New York City time, on November 22, 2011 (the "Early Participation Date"), according to information provided by Global Bondholder Services Corporation, the depositary for the tender offers.
The reference yields for the offers were determined at 10:00 a.m., New York City time, today. The total consideration for each series of Notes is based on the applicable reference yield plus a fixed spread, as set forth in the table below, and includes an early tender premium of $30 per $1,000 principal amount. Holders also will receive accrued and unpaid interest on all tendered notes accepted for payment from the last interest payment date to, but not including, the applicable settlement date.
NiSource Finance has elected to exercise the early settlement option, described in the Offer to Purchase dated November 14, 2011, with respect to the tender offer for any and all 2016 Notes. Holders of 2016 Notes who validly tendered and did not validly withdraw their 2016 Notes on or prior to 5:00 p.m., New York City time, on the Early Participation Date are expected to receive payment for their 2016 Notes on November 28, 2011 (the "Early Settlement Date").
The offers are scheduled to expire at 11:59 p.m., New York City time, December 12, 2011, unless extended or earlier terminated. NiSource Finance previously extended the deadline by which holders who tender their Notes will be eligible to receive the early tender premium until 11:59 p.m., New York City time, December 12, 2011, unless further extended by NiSource Finance. However, withdrawal rights for Notes tendered in the tender offers were not extended and expired at 5:00 p.m. yesterday.
The terms and conditions of the offers, including the conditions of NiSource Finance's obligation to accept the notes tendered and to pay the total consideration plus accrued and unpaid interest, are set forth in the Offer to Purchase and the related Letter of Transmittal that were distributed to the holders of the Notes.
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